0001387131-16-008123.txt : 20161121 0001387131-16-008123.hdr.sgml : 20161121 20161121173121 ACCESSION NUMBER: 0001387131-16-008123 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20161121 DATE AS OF CHANGE: 20161121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLUE SPHERE CORP. CENTRAL INDEX KEY: 0001419582 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 980550257 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-55127 FILM NUMBER: 162011234 BUSINESS ADDRESS: STREET 1: 301 MCCULLOUGH DRIVE STREET 2: 4TH FLOOR CITY: CHARLOTTE STATE: NC ZIP: 28262 BUSINESS PHONE: 704-909-2806 MAIL ADDRESS: STREET 1: 301 MCCULLOUGH DRIVE STREET 2: 4TH FLOOR CITY: CHARLOTTE STATE: NC ZIP: 28262 FORMER COMPANY: FORMER CONFORMED NAME: Blue Sphere Corp DATE OF NAME CHANGE: 20100219 FORMER COMPANY: FORMER CONFORMED NAME: Jin Jie Corp. DATE OF NAME CHANGE: 20071128 10-Q/A 1 blsp-10qa_033116.htm AMENDED QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 2)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _________ to ________

Commission File No. 000-55127

LOGO

Blue Sphere Corporation
(Exact name of registrant as specified in its charter)

Nevada	98-0550257
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

301 McCullough Drive, 4th Floor, Charlotte, North Carolina 28262
(Address of principal executive offices) (zip code)

704-909-2806
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☐	(Do not check if a smaller reporting company)	Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

State the number of shares outstanding of each of the issuer’s classes of common equity as of the latest practicable date: As of May 18, 2016, there were 219,817,675 shares of common stock, par value $0.001 per share, issued and outstanding.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		1
ITEM 1. FINANCIAL STATEMENTS		1
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		17
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		20
ITEM 4. CONTROLS AND PROCEDURES		20
PART II - OTHER INFORMATION		22
ITEM 1. LEGAL PROCEEDINGS		22
ITEM 1A. RISK FACTORS		22
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		22
ITEM 3. DEFAULTS UPON SENIOR SECURITIES		23
ITEM 4. MINE SAFETY DISCLOSURES		23
ITEM 5. OTHER INFORMATION		23
ITEM 6. EXHIBITS		24
SIGNATURES		25

Our unaudited financial statements are stated in United States dollars (U.S. $) and are prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”). In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States Dollars.

As used in this quarterly report, the terms “we”, “us”, “our”, “Blue Sphere” or the “Company” mean Blue Sphere Corporation and its wholly-owned subsidiaries, unless the context clearly requires otherwise.

EXPLANATORY NOTE

On May 18, 2015, Blue Sphere filed a Current Report on Form 8-K reporting that it had entered into an agreement to acquire one hundred percent (100%) of the share capital of four entities, Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l (collectively, the “SPVs”), that own and operate anaerobic digestion biogas plants for the production of electricity located in Italy (the “May Form 8-K”). The closing of the acquisition of the SPVs was subject to certain conditions precedent, as more fully described in the May Form 8-K, but which included obtaining consent from the acquired parties’ creditor to the acquisition and the resulting change of control, and securing a mezzanine loan facility. Upon attainment of the conditions precedent, the Company closed the acquisition of the SPVs on December 14, 2015 and filed a Current Report on Form 8-K on December 17, 2015 reporting that it had consummated the acquisition of the SPVs.

On May 23, 2016, the Company filed a Quarterly Report on Form 10-Q for the period from January 1, 2016 to March 31, 2016 (the “Quarterly Report”). As explained in the Quarterly Report, the interim financial statements and notes thereto contained in the Quarterly Report (the “Quarterly Report Financial Statements”) were not reviewed in accordance with Statement of Auditing Standards No. 100 (“SAS 100”), as required by Rule 10-01(d) of Regulation S-X promulgated under the Securities and Exchange Act of 1934, as amended, due to the inability of UHY to timely verify certain items in the SPVs’ financial statements and, consequently, the inability of Deloitte to complete its review of the Company’s Quarterly Report Financial Statements.

On June 13, 2016 the Company filed Amendment No. 1 on Form 10-Q/A to (i) file the Quarterly Report Financial Statements that have been reviewed in accordance with SAS 100 as required by Rule 10-01(d) and (ii) amend and restate Item 2 of Part 1, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, of the Quarterly Report based on the Quarterly Report Financial Statements filed herewith. In addition, the Company has updated the “Explanatory Note,” Item 2 of Part 2, “Unregistered Sales of Equity Securities and Use of Proceeds,” Item 5 of Part 2, “Other Information”, the signature page, the certifications of its Chief Executive Officer and Chief Financial Officer in Exhibits 31.1 and 32.1 and Exhibits 31.2 and 32.2, respectively, and the Company’s financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. As explained in the Quarterly Report as amended, the interim financial statements and notes contained in the Amended Quarterly Report (the “Quarterly Report Financial Statements”), the Company accounted for the acquisition of the SPVs using the purchase method of accounting. Under this method, the Company allocated the purchase price to tangible and intangible assets acquired and liabilities assumed based on estimated fair values at the date of acquisition, with the excess of the purchase price amount being allocated to goodwill.

The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016. The restatement reflects application of the equity method of accounting for those investments because the Framework EBITDA Guarantee Agreement between the Company and Austep S.p.A. (“Austep”), whereby Austep operates, maintains and supervises each biogas plant, prevents us from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to (i) file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016 due to the application of the equity method of accounting for the investments in Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l. The Company applied the equity method because the Framework EBITDA Guarantee Agreement between the SPVs and Austep S.p.A. (“Austep”) whereas Austep operates, maintains and supervises each biogas plants prevents the Company from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company believes that, while the financial statements reflect substantial modifications, the revenues and expenses previously reported are now reflected in a line item for the Company’s non-consolidated wholly-owned subsidiaries and the modifications result in no impact to the Company's operational results. Therefore the modifications are substantially a matter of presentation.

In addition, this amendment includes modifications (i) to reflect the interest expense on the unpaid balance of the Purchase Price due the acquisition of the SPVs, (ii) to reclassify the proceeds from an offering which were previously recorded as current liability as proceeds on account of shares in Shareholders Deficiency, (iii) to reflect the effects of accounting and reporting errors in calculation of shares for services and other expense, and (iv) to amend our disclosure in Part I, Item 4 “Controls and Procedures,” of the Original Report to change the conclusions of our principal executive officer and principal financial officer regarding the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended March 31, 2016 in light of management’s conclusion that the Company’s internal control over financial reporting contained a material weakness at March 31, 2016 which will be remediated by the end of the fiscal year ending December 31, 2016. These accounting and reporting errors and the related adjustments resulted in an understatement of net loss of $310 thousand for the period from January 1, 2016 to March 31, 2016 and an understatement of proceeds on account of shares of $145 thousand, an understatement of additional paid-in capital of $348 thousand, an overstatement of accumulated other comprehensive income of $15 thousand and overstatement of accumulated deficit of $301 thousand as of March 31, 2016.

Except as described above, this Amendment No. 2 on Form 10-Q/A does not amend any other information set forth in the Quarterly Report. However, for the convenience of the reader, this Amendment No. 1 on Form 10-Q/A restates in its entirety, as amended, the Quarterly Report. This Amendment No. 1 on Form 10-Q/A is presented as of the filing date of the Quarterly Report and does not reflect events occurring after that date, or modify or update information in the Quarterly Report, except as described above.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

BLUE SPHERE CORPORATION

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2016

TABLE OF CONTENTS

		Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
Balance Sheets as of March 31, 2016 and September 30, 2015		2
Statements of Operations for the three months ended March 31, 2016 and 2015		3
Statements of Comprehensive Loss for the period of three months ended March 31, 2016 and 2015		4
Statements of Changes in Shareholders’ Deficiency for the period of three months ended March 31, 2016 and 2015		5
Statements of Cash Flows for the three months ended March 31, 2016 and 2015		6
Notes to Condensed Consolidated Financial Statements		7-16

BLUE SPHERE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands except share and per share data)


	March 31, 2016			September 30, 2015
	Unaudited			Audited
Assets
CURRENT ASSETS:
Cash and cash equivalents	$	1,753		$	161

Other current assets		1,803			21
Total current assets		3,556			182

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation		86			31
OTHER LONG TERM ASSETS		9			—
INVESTMENTS IN JOINT VENTURES		7,981			4,952
INVESTMENTS IN NON CONSOLIDATED SUBSIDIARIES		4,550			—

Total assets	$	16,182		$	5,165
Liabilities and Stockholders’ Deficiency
CURRENT LIABILITIES:
Current maturities of long term loan	$	346		$	32
Accounts payables		37			58
Other accounts payable and liabilities		1,378			1,200

Deferred revenues from joint ventures		9,463			6,434
Total current liabilities		11,224			7,724

LONG TERM BANK LOANS		176			135

LONG TERM LOANS AND LIABILITIES		5,766			—

DEBENTURES		2,508			—

WARRANTS TO ISSUE SHARES		2,892			—
STOCKHOLDERS’ DEFICIENCY:
Common shares of $0.001 par value each:
Authorized: 1,750,000,000 shares at March 31, 2016 and September 30, 2015. Issued and outstanding: 217,127,443 shares and 167,952,595 shares at March 31, 2016 and September 30, 2015, respectively		1,293			1,244
Proceeds on account of shares		145			20
Treasury shares		(28	)		(28	)
Accumulated other comprehensive income		4			—
Additional paid-in capital		40,775			39,474
Accumulated deficit		(48,573	)		(43,404	)
Total Stockholders’ Deficiency		(6,384	)		(2,694	)
Total liabilities and Stockholders’ Deficiency	$	16,182		$	5,165

The accompanying notes are an integral part of the condensed consolidated financial statements.

BLUE SPHERE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands except share and per share data)

	Three months ended March 31
	2016			2015
	(Unaudited)			(Unaudited)
OPERATING EXPENSES
General and administrative expenses		2,082			993
Other income		(102	)		—
OPERATING LOSS		1,980			993
FINANCIAL EXPENSES, net		1,231			819
EQUITY LOSSES IN NON-CONSOLIDATED SUBSIDIARIES		670			—
NET LOSS FOR THE PERIOD	$	3,881		$	1,812

Net loss per common share - basic and diluted	$	(0.020	)	$	(0.033	)

Weighted average number of common shares outstanding during the period - basic and diluted		194,658,706			55,404,305

The accompanying notes are an integral part of the condensed consolidated financial statements.

BLUE SPHERE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(U.S. dollars in thousands except share and per share data)


	Three months ended March 31
	2016			2015
	(Unaudited)			(Unaudited)
NET LOSS	$	3,881		$	1,812
Other comprehensive income loss, net of tax:
Currency translation adjustments		(4	)		—
TOTAL COMPREHENSIVE LOSS	$	3,877		$	1,812

The accompanying notes are an integral part of the condensed consolidated financial statements.

BLUE SPHERE CORPORATION

STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIENCY (UNAUDITED)

(U.S. dollars in thousands, except share and per share data)

	Common Stock, $0.001 Par Value
	Shares		Amount		Proceeds on amount of Shares			Treasury Shares			Accumulated other comprehensive income		Additional paid-in Capital		Accumulated deficit			Total Stockholders’ deficiency

BALANCE AT DECEMBER 31, 2015 (Unaudited)		180,502,443	$	1,256	$	165			(28	)		—	$	39,813	$	(44,692	)	$	(3,486	)
CHANGES DURING THE PERIOD OF THREE MONTHS ENDED MARCH 31, 2016 (Unaudited):
Issuance of shares for services		625,000		1										384					385
Issuance of common stock, net of issuance costs		36,000,000		36		(20	)							578					594
Comprehensive loss												4				(3,881	)		(3,877	)
BALANCE AT MARCH 31, 2016 (Unaudited)		217,127,443	$	1,293	$	145		$	(28	)	$	4	$	40,775	$	(48,573	)	$	(6,384	)


	Common Stock, $0.001 Par Value				Proceeds on							Total
					account of		Additional		Accumulated			Stockholders’
	Shares		Amount		Shares		paid-in Capital		deficit			deficiency

BALANCE AT DECEMBER 31, 2014 (Unaudited)		51,125,044	$	1,127	$	20	$	35,662	$	(37,255	)	$	(446	)
CHANGES DURING THE PERIOD OF THREE MONTHS ENDED MARCH 31, 2015 (Unaudited):
Share based compensation								55					55
Issuance of common stock, net of issuance expenses		609,039		1				81					82
Issuance of shares for services		8,114,867		8				879					887
Issuance of common stock in respect of issuance of convertible notes		9,963,717		10				474					484
Issuance of convertible debentures containing a beneficial conversion feature								181					181
Proceeds on account of shares not yet issued						15							15
Net loss for the period										(1,812	)		(1,812	)
BALANCE AT MARCH 31, 2015 (Unaudited)		69,812,667	$	1,146	$	35	$	37,332	$	(39,067	)	$	(554	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

BLUE SPHERE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

	Three months ended March 31
	2016			2015
	(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period	$	(3,881	)	$	(1,812	)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:
Share based compensation		—			55
Depreciation		4			1
Equity losses in nonconsolidated subsidiaries		670			(19	)
Expense in respect of convertible notes and loans		172			719
Changes in Warrants to issue shares		1,190			—
Issuance of shares for services		385			887

Decrease (increase) in other current assets		(169	)		151
Increase in other long term assets		(9	)		—
Increase (decrease) in accounts payables		(249	)		22
Increase in other account payables		293			108
Net cash provided by (used in) operating activities		(1,594	)		112
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(60	)		—
Net cash used in investing activities		(60	)		—
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans received		50			311
Payment of loans and convertible debentures		(288	)		(476	)
Proceeds from issuance of shares and warrants		1,752			82
Proceeds on account of shares		—			15
Proceeds from issuance of convertible debenture		—			212
Net cash provided by financing activities		1,514			144

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(140	)		256

EFFECT OF CHANGES IN EXCHANGE RATES ON CASH BALANCES IN FOREIGN CURRENCIES		5			—

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		1,888			118

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	1,753		$	374
NON-CASH TRANSACTION:

Issuance expense paid through warrants issuance		225			—
Deferred net equity in joint ventures		411			—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	25		$	—

The accompanying notes are an integral part of the condensed consolidated financial statements.

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and results of operations of Blue Sphere Corporation (the “Company”). These condensed consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K for the year ended September 30, 2015, as filed with the U.S. Securities and Exchange Commission. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of results that could be expected for the entire fiscal year.

NOTE 2 - GENERAL

Blue Sphere Corporation (“the Company”), together with its wholly-owned subsidiaries, Eastern Sphere Ltd. (“Eastern”), Binosphere LLC (“Binosphere”), Johnstonsphere LLC (“Johnstonsphere”), and Sustainable Energy Ltd. (“SEL”) , is focused on project integration in the clean energy production and waste to energy markets.

The Company was incorporated in the state of Nevada on July 17, 2007 and was originally in the business of developing and promoting automotive internet sites. On February 17, 2010, the Company conducted a reverse merger, name change and forward split of its common stock, and in March 2010 current management took over operations, at which point the Company changed its business focus to become a project integrator in the clean energy production and waste to energy markets.

As of March 31, 2016, Johnstonsphere had not commenced operations.

On May 12, 2015 the Company formed Bluesphere Pavia (formerly called Bluesphere Italy S.r.l.). Italy S.r.l, a subsidiary of Eastern in order to acquire certain biogas plants located in Italy (see note 3 below).

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 3 – INVESTMENT IN BLUE SPHERE PAVIA

On August 18, 2015, the Company and two of its wholly-owned subsidiaries, Eastern and Bluesphere Pavia, entered into a Long Term Mezzanine Loan Agreement (the “Helios Loan Agreement”) with Helios Italy Bio-Gas 1 L.P. (“Helios”). Under the Helios Loan Agreement, Helios will make up to $5,646,628 (€5,000,000) available to Bluesphere Pavia (the “Helios Loan”) to finance (a) ninety percent (90%) of the total required investment of the first four SVPs acquired, (b) eighty percent (80%) of the total required investment of up to three SVPs subsequently acquired, (c) certain broker fees incurred in connection with the acquisitions, and (d) any taxes associated with registration of an equity pledge agreement (as described below). Each financing of an SVP acquisition will be subject to specified conditions precedent and will constitute a separate loan under the Helios Loan Agreement. Helios may, within 90 days of a closing, require repayment of ten percent (10%) of the relevant loan and broker fees. If no such repayment is required, Helios may reduce the amount of its commitment to finance the acquisitions of the three additional SVPs to seventy to eighty percent (70-80%) of the total required investment. Helios’s commitment to provide any loan under the Helios Loan Agreement that is not utilized by June 30, 2016 will automatically cancel, unless extended in writing by Helios. Subject to specified terms, representations and warranties, the Helios Loan Agreement provides that each loan thereunder will accrue interest at a rate of 14.5% per annum, paid quarterly. Helios will also be entitled to an annual operation fee, paid quarterly. The final payment for each loan will become due no later than the earlier of (a) thirteen and one half years from the date such loan was made available to Bluesphere Italy, and (b) the date that the Feed in Tariff license granted to the relevant SVP expires. Pursuant to the Helios Loan Agreement and an equity pledge agreement, Eastern Sphere pledged all its shares in Bluesphere Pavia to secure all loan amounts utilized under the Helios Loan Agreement.

On December 14, 2015 (“Closing Date”), and pursuant to a Share Purchase Agreement, dated May 14, 2015 (the “Share Purchase Agreement”), by and among the Company’s indirect wholly-owned subsidiary, Bluesphere Pavia, and Volteo Energie S.p.A., Agriholding S.r.l., and Overland S.r.l. (collectively, the “Sellers”), Bluesphere Pavia completed the acquisitions of one hundred percent (100%) of the share capital of Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l. (each, an “SPV” and collectively, the “SPVs”) from the Sellers. Each SPV owns and operates an anaerobic digestion biogas plant in Italy for the production and sale of electricity to Gestore del Servizi Energetici GSE, S.p.A., a state-owned company, pursuant to a power purchase agreement. Pursuant to the Italy Projects Agreement, the Company also issued a corporate guarantee to the Sellers, whereby the Company will secure the obligations of Bluesphere Pavia under the Italy Projects Agreement.

Pursuant to the Share Purchase Agreement, the Company to pay $5,646,628 (€5,200,000) (the “Purchase Price”), subject to certain post-closing adjustments, to acquire the share capital of the SPVs. The Purchase Price for each SPV was determined based on a Base Line EBITDA guaranteed by the Sellers and an Equity IRR Target calculated on the Purchase Price of no less than twenty-five percent (25%). Fifty percent (50%) of the Purchase Price, adjusted for certain post-closing adjustments and closing costs, in the amount of $2,143,181 (€1,952,858) was paid at closing, and the balance is due to the Sellers on the third anniversary of the closing date. The remaining fifty percent (50%) of the Purchase Price, prior to and after closing date, and any variation of EBITDA results in the 18 months following the closing date, will be promised by a note from each Seller, to be paid on the third anniversary of the closing, along with interest on the unpaid balance due at an annual rate of two percent (2%). The portion of the Purchase Price paid at closing was primarily financed by a loan of $3,149,081 (€2,900,000) pursuant to the Helios Loan Agreement whereas the Company repaid $281,580 (€255,102) during the three months ended March 31, 2016.

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 3 – INVESTMENT IN BLUE SPHERE PAVIA (continued)

In accordance with a Framework EBITDA Guarantee Agreement, dated July 17, 2015 (the “EBITDA Agreement”), between the Company and Austep S.p.A. (“Austep”), Austep will operate, maintain and supervise each biogas plant owned by the SPVs. In addition, Austep will guarantee a monthly aggregate EBITDA of $204,147 (€188,000) from the four SPVs for the initial six months following the acquisition, and thereafter Austep will guarantee an annual aggregate EBITDA of $4,082,946 (€3,760,000) from the four SPVs. Pursuant to the terms of the agreements with Austep, the Company will receive the guaranteed levels of EBITDA and Austep will receive ninety (90%) of the revenue in excess of these levels.

The Company applied the equity method of accounting for those investments because the Framework EBITDA Guarantee Agreement between the Company and Austep whereas Austep operates, maintains and supervises each biogas plants prevents us from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations.

NOTE 4 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated financial statements as of March 31, 2016 and for the three months then ended have been prepared in accordance with accounting principles generally accepted in the United States relating to the preparation of financial statements for interim periods. Accordingly, they do not include all the information and footnotes required for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

The September 30, 2015 Condensed Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015.

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 5 – SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the annual financial statements of the Company as of September 30, 2015, are applied consistently in these financial statements except for the following:

Business combinations and Goodwill

The Company accounts for its business combinations using the purchase method of accounting. Under this method, the Company allocates the purchase price to tangible and intangible assets acquired and liabilities assumed based on estimated fair values at the date of acquisition, with the excess of the purchase price amount being allocated to goodwill.

Acquisition-related and integration costs associated to the business combination are expensed as incurred. Changes in estimates associated with future income tax assets after measurement period are recognized as income tax expense with prospective application to all business combinations regardless of the date of acquisition. Goodwill for each reporting unit is assessed for impairment at least annually, or when an event or circumstance occurs that more likely than not reduces the fair value of a reporting unit below its carrying amount. An impairment charge is recorded when the carrying amount of the reporting unit exceeds its fair value and is determined as the difference between the goodwill’s carrying amount and its implied fair value.

Investment in non-consolidated and affiliated companies

Investments in non-consolidated and affiliated companies that are not controlled but over which the Company can exercise significant influence (generally, entities in which the Company holds approximately between 20% to 100% of the voting rights of the investee) are presented using the equity method of accounting. Profits on intercompany sales, not realized outside the Company, are eliminated. The Company discontinues applying the equity method when its investment (including advances and loans) is reduced to zero and the Company has not guaranteed obligations of the affiliate or otherwise committed to provide further financial support to the affiliate.

Investments in preferred shares, which are not in substance common stock, are recorded on a cost basis according to ASC 323-10-15-13, “Investments - Equity Method and Joint Ventures - In-substance Common Stock” and ASC 323-10-40-1, “Investment -Equity Method and Joint Ventures - Investee Capital Transactions”.

A change in the Company’s proportionate share of an investee’s equity, resulting from issuance of common or in-substance common shares by the investee to third parties, is recorded as a gain or loss in the consolidated income statements in accordance with ASC 323-10-40-1.

Investments in non-marketable equity securities of entities in which the Company does not have control or the ability to exercise significant influence over their operation and financial policies, are recorded at cost (generally when the Company holds less than 20% of the voting rights).

Management evaluates investments in affiliated companies, partnerships and other non-marketable equity securities for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances. Accordingly, in determining whether other-than-temporary declines exist, management evaluates various indicators for other-than-temporary declines and evaluates financial information (e.g. budgets, business plans, financial statements, etc.). During 2015 and 2014, no material impairment was recognized.

Intangible Assets

Intangible assets consist of non-monetary and separately identifiable assets, which can be controlled and are expected to generate future economic benefits. Such assets are recognized at acquisition and/or production cost, including directly attributable expenses to make the asset ready for use, net of accumulated amortization charges and any impairment losses.

The costs incurred internally to develop new services and platforms are considered intangible assets generated internally and are recognized as assets only if the following requirements are met:

the cost incurred for the development of the assets can be reliably measured;

the entity has the intention, the availability of financial resources, the ability to complete the assets and to use or sell them;

Capitalized development costs include only expenses incurred that can be directly attributed to the process of developing new products and services.

Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives and are tested for impairment when circumstances indicate that the carrying value may be impaired. The amortization period and the amortization method for intangible assets with a finite useful lives are reviewed at least at each reporting date.

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 5 – SIGNIFICANT ACCOUNTING POLICIES (continued)

Changes in expected useful lives, or in the way the future economic benefits will be generated by the assets, are either recognized through a change in the period or in the amortization method and are accounted for as changes in accounting estimates. The amortization charges for intangible assets with a finite useful life are classified in the statement of income, in the costs appropriate for the function of the related intangible assets.

Long-Lived Assets

When events or changes in circumstances indicate that the carrying amount of long-lived assets, such as capital assets and intangible assets, may not be recoverable, undiscounted estimated cash flows are projected over their remaining term and compared to the carrying amount. To the extent that such projections indicate that future undiscounted cash flows are not sufficient to recover the carrying amounts of related assets, a charge is recorded to reduce the carrying amount to the projected future discounted cash flows.

NOTE 6 - GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As of March 31, 2016, the Company had approximately $1,753,000 in cash and cash equivalents, approximately $7,668,000 in negative working capital, a stockholders’ deficit of approximately $6,384,000 and an accumulated deficit of approximately $48,573,000. Management anticipates their business will require substantial additional investments that have not yet been secured. Management is continuing in the process of fund raising in the private equity markets as the Company will need to finance future activities. Company’s ability to continue as a going concern is dependent upon raising capital from financing transactions and revenue from operations. These financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent on its ability to obtain additional financing as may be required and ultimately to attain profitability.

NOTE 7 - NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS

No new accounting standards have been adopted since the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2015 was filed.

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 8 – COMMON SHARES

On January 26, 2016, the Company issued 1,000,000 shares of Common Stock pursuant to a subscription agreement dated June 12, 2015.

On February 1, 2016 the Company issued 540,000 shares of Common Stock to a consultant in respect of his consulting services for the Company. The Company has estimated the fair value of such shares, and recorded an expense of $108,327.

In February 2016, the Company conducted an offering (the “Offering”) consisting of (a) up to USD $1,925,000 of the Company’s Common Stock, priced at the closing price for shares of Common Stock, as reported on the OTCQB Venture Marketplace, on the trading day prior to the closing of the Offering, and (b) 5-year warrants to purchase shares of Common Stock in an amount equal to 50% of the number of shares of Common Stock so purchased by the subscriber (the “Warrants”, together with the shares of Common Stock subscribed for, the “Securities”).

The Securities have been offered pursuant to subscription agreements with each investor (the “Subscription Agreement”). In addition to other customary provisions, each Subscription Agreement provides that the Company will use its reasonable commercial efforts to register all shares of Common Stock sold in the Offering, including all shares of Common Stock underlying the Warrants, within 60 days of the closing of the Offering. The Warrants are exercisable for 5 years from the date of issuance at $0.10 per share, include an option by which the holder may exercise the Warrant by means of a cashless exercise, and include customary weighted-average price adjustment and anti-dilution terms.

On February 15, 2016, the Company completed the only closing of the Offering, representing aggregate gross proceeds to the Company of $1,925,000. In connection with the closing, the Company and subscribers entered into (a) Subscription Agreements for, in the aggregate, 35,000,000 shares of Common Stock at $0.055 per share, and (b) Warrants to purchase, in the aggregate, up to 17,500,000 shares of Common Stock at an exercise price of $0.10 per share. The warrants were accounted for as derivative liabilities. The Company has estimated the fair value of such warrants at a value of $933,358 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.20	%
Expected term (years)		5
Volatility		203	%

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 8 – COMMON SHARES (continued)

The Company engaged Maxim Group LLC (“Maxim”) to assist in the Offering. Pursuant to the terms of an engagement letter between Maxim and the Company, Maxim received commissions equal to 7% of the gross proceeds raised by Maxim in the Offering, warrants to purchase, in the aggregate, up to 2,800,000 shares of Common Stock at an exercise price of $0.0605 per share and to purchase, in the aggregate, up to 1,400,000 shares of Common Stock at an exercise price of $0.11 per share. The Company has estimated the fair value of such warrants at a value of $224,413 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.20	%
Expected term (years)		5
Volatility		203	%

On March 15, 2016, the Company issued 85,000 shares of common stock to a consultant in respect of his consulting services for the Company. The Company has estimated the fair value of such shares, and recorded an expense of $5,685.

NOTE 9 – DEBENTURES AND NOTES

Beginning in November 2015, the Company conducted an offering (the “Offering”) of up to $3,000,000 of the Company’s Senior Debentures (the “Debentures”) and Warrants (the “Warrants”, together with the “Debentures”, the “Securities”) to purchase up to 8,000,000 shares of common stock of the Company, par value $0.001 per share, in proportion pro rata to each Subscriber’s subscription amount relative to the total Offering amount, with 50% of the warrants exercisable at a price per share of $0.05 and the other 50% of the warrants exercisable at price per share of $0.075.

BLUE SPHERE CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 9 – DEBENTURES AND NOTES (continued)

The Debentures bear interest at 11%, paid quarterly, and mature in two years. The Debentures are secured by a pledge agreement between the Company and each investor, whereby the Company pledged as collateral up to 49% of its shares of common stock in Eastern Sphere, Ltd., our wholly-owned subsidiary (the “Pledge Agreement”). The Pledge Agreement further provides that the Company’s obligations under the Debentures rank senior to all other indebtedness of Blue Sphere Corporation, but are subordinate to all indebtedness and liabilities of its subsidiaries and project-level operating entities. The Warrants are exercisable for 5 years from the date of issuance, with 50% exercisable at $0.05 per share and 50% exercisable at $0.075 per share

The warrants were accounted for as derivative liabilities. The Company has estimated the fair value of such warrants at a value of $208,597 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.74	%
Expected term (years)		5
Volatility		202	%

The Securities were offered pursuant to subscription agreements with each investor (the “Subscription Agreement”). Pursuant to the Subscription Agreements, the investors in the Offering shall have the right to collectively designate one observer or member to the Company’s Board of Directors.

On December 23, 2015, the Company completed the closing of the Offering and entered into Subscription Agreements with investors representing aggregate gross proceeds to the Company of $3,000,000.

The Company engaged Maxim Group LLC (“Maxim”) to assist in the Offering. Pursuant to the terms of an engagement letter between Maxim and the Company, Maxim received commissions equal to 7% of the gross proceeds raised by Maxim in the Offering and warrants to purchase, in the aggregate, up to 4,480,000 shares of Common Stock at an exercise price of $0.06875 per share. The Company has estimated the fair value of such warrants at a value of $116,599 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.74	%
Expected term (years)		5
Volatility		202	%

On February 3, 2016, the Company issued 3-year warrants to purchase up to 1,500,000 shares of Company’s common stock at an exercise price of $0.06 per share, in full satisfaction of certain obligations of the Company.

The Company has estimated the fair value of such warrants at a value of $87,331 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.2	%
Expected term (years)		3
Volatility		203	%

Changes in the fair value of the warrants are recorded as interest expenses.

NOTE 10 – SUBSEQUENT EVENTS

On April 13, 2016 the Company issued 1,000,000 shares of Common Stock of the Company to a consultant in consideration for corporate finance, investor communications and financial and investor public relations services. The consulting agreement provides for the issuance of an additional 1,000,000 shares of common stock as a service bonus if the agreement is not terminated prior to June 9, 2016. The Company has estimated the fair value of such shares, and recorded an expense of $72,733.

On April 13, 2016, we issued an aggregate of 875,000 shares of Common Stock to a consultant, pursuant to consulting agreements dated September 1, 2015 and March 1, 2016, in consideration for investor relations and communications services. The Company has estimated the fair value of such shares, and recorded an expense of $42,467.

On May 18, 2016, a 1.5-year warrant to purchase shares of Common Stock, dated May 4, 2015, was exercised into 700,000 shares of common stock at an exercise price of $0.058 per share, for total consideration of $40,600.

On June 2, 2016 the Company issued 13,930,742 shares of Common Stock in consideration of $145,526 that were received in December 2015 to finance a portion of the acquisitions of one hundred percent (100%) of the SPVs.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

You should read the following discussion and analysis in conjunction with our unaudited condensed consolidated financial statements and related notes contained in Part I, Item 1 of this quarterly report.

Note Regarding Forward-Looking Statements

This report contains forward-looking statements. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks set out below, any of which may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks include, without limitation, (i) uncertainties regarding our ability to obtain adequate financing on a timely basis, including financing for specific projects, (ii) the financial and operating performance of our projects, (iii) uncertainties regarding the market for and value of carbon credits, renewable energy credits and other environmental attributes, (iv) political and governmental risks associated with the countries in which we may operate, (v) unanticipated delays associated with project implementation, including designing, constructing and equipping projects, as well as delays in obtaining required government permits and approvals, (vi) the development stage of our business and (vii) our lack of operating history.

This list is not an exhaustive list of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements.

Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Company Overview

Summary of Current Operations

We are an international Independent Power Producer (IPP) that is globally active in the clean energy production and waste-to-energy markets. We are becoming a key player in these rapidly growing markets by developing or acquiring projects with clean energy technologies, including but not limited to waste-to-energy facilities that generate clean energy, such as electricity, natural gas, heat, compost and other by-products. These markets provide tremendous opportunity, insofar as there is a virtually endless supply of waste and organic material that can be used to generate power and valuable by-products. In particular, the disposal of organic material to landfills in most parts of the world is a costly problem with environmentally-damaging consequences. We seek to offer a cost-effective, environmentally-safe alternative.

We are currently developing or operating, as applicable, the following projects:

United States

●

Charlotte, NC Waste to Energy Anaerobic Digester 5.2 MW Plant

●

Johnston, RI Waste to Energy Anaerobic Digester 3.2 MW Plant

Italy

●

Soc. agr. AGRICERERE srl – Tromello (Pavia) 999 KW Plant

●

Soc. agr. AGRIELEKTRA srl – Alagna (Pavia) 999 KW Plant

●

Soc. agr. AGRISORSE srl - Garlasco (Pavia) 999 KW Plant

●

Soc. agr. GEFA srl – Dorno (Pavia) 999 KW Plant

We have also entered into nonbinding letters of intent to acquire additional biogas facilities in Italy and construct and develop a waste-to-energy facility in the Netherlands, and we continue to evaluate a pipeline of similar projects in a less mature phase.

Results of Operations – For the Three Months Ended March 31, 2016 Compared to the Three Months Ended March 31, 2015

General

On December 14, 2015, our wholly-owned subsidiary, Bluesphere Pavia completed the acquisitions of one hundred percent (100%) of the share capital of Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l. (each, an “SPV” and collectively, the “SPVs”). Each SPV owns and operates an anaerobic digestion biogas plant in Italy for the production and sale of electricity to Gestore del Servizi Energetici GSE, S.p.A., a state-owned company, pursuant to a power purchase agreement. Our results of operation and have been significantly affected by this transaction. The Company applied the equity method of accounting for those investments because the Framework EBITDA Guarantee Agreement between the Company and Austep S.p.A. (“Austep”) whereas Austep operates, maintains and supervises each biogas plants prevents us from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations.

Deferred Revenue

$1,481,900 of development fees and reimbursements for the North Carolina and Rhode Island projects are recorded as deferred revenue. Upon successful completion of the projects, this amount will be recorded as revenue.

General and Administrative Expenses

General and administrative expenses for the three-month period ended March 31, 2016 were $2,082,000, as compared to $993,000 for the three-month period ended March 31, 2015.

Net Loss

We incurred a net loss of $3,881,000 for the three-month period ended March 31, 2016, as compared to a net loss of $1,812,000 for the three-month period ended March 31, 2015. The increase in net loss is mainly attributable to increase in Equity losses in nonconsolidated subsidiaries due to the acquisition of the SPVs by our wholly-owned subsidiary, Bluesphere Pavia.

Inflation and Seasonality

In management’s opinion, our results of operations have not been materially affected by inflation or seasonality, and management does not expect that inflation risk or seasonality would cause material impact on our operations in the future.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires our management to make assumptions, estimates and judgments that affect the amounts reported in the financial statements, including the notes thereto, and related disclosures of commitments and contingencies, if any. We consider our critical accounting policies to be those that require the more significant judgments and estimates in the preparation of financial statements. No new accounting standards have been adopted since the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2015 was filed. The significant accounting policies applied in the annual financial statements of the Company as of September 30, 2015 are applied consistently in these financial statements, except for the following:

Business Combinations and Goodwill

Acquisition-related and integration costs associated with the business combination are expensed as incurred. Changes in estimates associated with future income tax assets after measurement period are recognized as income tax expense with prospective application to all business combinations regardless of the date of acquisition.

Goodwill for each reporting unit is assessed for impairment at least annually, or when an event or circumstance occurs that more likely than not reduces the fair value of a reporting unit below its carrying amount. An impairment charge is recorded when the carrying amount of the reporting unit exceeds its fair value and is determined as the difference between the goodwill’s carrying amount and its implied fair value.

Investment in non-consolidated and affiliated companies

	c.	*Intangible Assets*
		Intangible assets consist of non-monetary and separately identifiable assets, which can be controlled and are expected to generate future economic benefits. Such assets are recognized at acquisition and/or production cost, including directly attributable expenses to make the asset ready for use, net of accumulated amortization charges and any impairment losses. Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives and are tested for impairment when circumstances indicate that the carrying value may be impaired. The amortization period and the amortization method for intangible assets with a finite useful lives are reviewed at least at each reporting date. (see Note 5 to the Financial Statements).

	d.	*Long-Lived Assets*
		When events or changes in circumstances indicate that the carrying amount of long-lived assets, such as capital assets and intangible assets, may not be recoverable, undiscounted estimated cash flows are projected over their remaining term and compared to the carrying amount. To the extent that such projections indicate that future undiscounted cash flows are not sufficient to recover the carrying amounts of related assets, a charge is recorded to reduce the carrying amount to the projected future discounted cash flows.

Liquidity and Capital Resources

Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures.

As of March 31, 2016, we had cash of $1,753,000 as compared to $161,000 as of September 30, 2015. As of March 31, 2016, we had a working capital deficit of $7,668,000, as compared to $7,542,000 as of September 30, 2015. The decrease in our working capital deficit is mainly attributable the increase in our deferred revenues from joint ventures in the amount of $3,029,000, increase in our other accounts payable and liabilities in the amount of $178,000 and increase in our current maturities of long term loans in the amount of $314,000. The increase in our working capital deficit was mitigated by the increase in our other current assets in the amount of $1,782,000 and increase in our cash in the amount of $1,592,000.

Net cash used in operating activities was $1,594,000 for the three-month period ended March 31, 2016, as compared to cash from operating activities of $112,000 for the three-month period ended March 31, 2015.

Net cash used in investing activities was $60,000 for the three-month period ended March 31, 2016, as compared to net cash used in investing activities of $0 for the three-month period ended March 31, 2015.

Net cash provided by financing activities was approximately $1,514,000 for the three-month period ended March 31, 2016, as compared to approximately $144,000 for the three-month period ended March 31, 2015. The increase in cash provided by financing activities was mainly attributable to an offering in February 2016 of $1,925,000 of our shares of common stock, together with warrants to purchase our common stock, in a private placement, as further described in our Form 8-K filed with the SEC on February 17, 2016. We have principally financed our operations through the sale of our common stock and the issuance of convertible debt.

Off-Balance Sheet Arrangements

As at March 31, 2016, we had no off-balance sheet arrangements of any nature.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As a smaller reporting company, we are not required to provide the information required by this item.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our management concluded that our internal control over financial reporting and our disclosure controls and procedures were ineffective as of March 31, 2016 as a result of material weaknesses we identified in our internal control over financial reporting relating to maintenance of effective controls over the completeness and accuracy of accounts payable, accrued expenses and other expenses. Specifically, controls over cut-off and completeness of accounts payable and accrued expenses were insufficient to ensure that invoices from certain vendors and service providers were recorded and properly evaluated at period end. This control deficiency resulted in audit adjustments to the transition report for period from January 1, 2016 to March 31, 2016. This control deficiency resulted in a misstatement of the Company’s accounts payables, accrued liabilities and General and Administration operating. Accordingly, management has determined that this control deficiency constitutes a material weakness. In response to the material weaknesses described above, we recruited a seasoned Chief Financial Officers and we began implementing and evaluating new internal controls over financial reporting and disclosure controls and procedures. Though management is still evaluating the design of these new controls and procedures, we believe that our improved processes and procedures will assist in the remediation of our material weaknesses. Once placed in operation for a sufficient period, we will subject these controls and procedures to appropriate tests in order to determine whether they are operating effectively. Management, with oversight from the Audit Committee, is committed to the remediation of known material weaknesses as expeditiously as possible.

Our management’s conclusion that the Company’s internal control over financial reporting contained a material weakness at March 31, 2016 which will be remediated by the end of the fiscal year ending December 31, 2016 and is in the process of determining how best to change our current system and implement a more effective system to insure that information required to be disclosed has been recorded, processed, summarized and reported accurately. Our management acknowledges the existence of this issue, and is developing procedures and controls to address it to the extent possible given limitations in financial and manpower resources

Changes in Internal Controls

Our management, with the participation of our CEO and CFO, performed an evaluation to determine whether any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during the three-month period ended March 31, 2016. Based on that evaluation, our CEO and our CFO concluded that no change occurred in the Company’s internal controls over financial reporting during the three-month period ended March 31, 2016 that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS.

As a smaller reporting company, we are not required to provide the information required by this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

On January 26, 2016, we issued 1,000,000 shares of our common stock in connection with a private offering, and pursuant to a subscription agreement dated June 12, 2015.

On February 1, 2016, we issued 540,000 shares of our common stock pursuant to a consulting agreement dated April 3, 2015, in consideration for consulting services.

On February 3, 2016, we issued 3-year warrants to purchase up to 1,500,000 shares of our common stock at an exercise price of $0.06 per share, in full satisfaction of certain obligations of the Company.

On February 15, 2016, we completed a private offering representing aggregate gross proceeds to the Company of USD $1,925,000, pursuant to which we issued (i) 35,000,000 shares of our common stock priced at $0.055 per share, the closing price for our shares of common stock reported by the OTCQB Venture Marketplace on the trading day prior to the closing of the offering, and (ii) 5-year warrants to purchase up to 17,500,000 shares of our common stock at an exercise price of $0.10 per share, which was equal to 50% of the shares purchased in the offering. The Company engaged Maxim Group LLC to assist in the offering, pursuant to which Maxim received 5-year warrants to purchase (a) up to 2,800,000 shares of our common stock at an exercise price of $0.0605 per share and (b) up to 1,400,000 shares of our common stock at an exercise price of $0.11 per share. The form and terms of the warrants issued to Maxim were substantially the same as the warrants issued to the February 15, 2016 investors.

On March 15, 2016, we issued 85,000 shares of our common stock outstanding under a consulting agreement, dated February 22, 2015, in consideration for consulting services.

On April 13, 2016, we issued 1,000,000 shares of our common stock to a consultant, pursuant to a consulting agreement dated March 9, 2016, in consideration for corporate finance, investor communications and financial and investor public relations services. The consulting agreement provides for the issuance of an additional 1,000,000 shares of common stock as a service bonus, because the consulting agreement was not terminated prior to June 9, 2016.

On April 13, 2016, we issued an aggregate of 875,000 shares of our common stock to a consultant, pursuant to consulting agreements dated September 1, 2015 and March 1, 2016, in consideration for investor relations and communications services.

On May 18, 2016, the holder of a 1.5-year warrant to purchase shares of our common stock, dated May 4, 2015, exercised the warrant in full into 700,000 shares of our common stock at the exercise price of $0.058 per share.

On June 2, 2016, we issued 13,930,742 shares of our common stock in connection with an offering of our common stock and pursuant to subscription agreements dated December 2, 2015, the proceeds of which and were used to finance a portion of the closing of the acquisitions of the SPVs by Bluesphere Pavia (See Note 3 in Part I, Item 1). For a more detailed description, see Part II, Item 5 below.

The transactions described above were exempt from registration under the Securities Act of 1933, as amended, as transactions not involving a public offering.

Issuer Purchases of Equity Securities

On June 17, 2015, our Board approved a share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we are authorized to repurchase up to $500,000 worth of our common stock. We may purchase shares of our common stock on the open market or through privately negotiated transactions from time-to-time and in accordance with applicable laws, rules and regulations. We are not obligated to make any purchases, including at any specific time or in any particular situation. The Share Repurchase Program may be limited or terminated at any time without prior notice.

Our share repurchase activity during the three months ended March 31, 2016 is presented in the table below.

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Share Repurchase Program
January 1 to January 31		0		—		0	$	471,672
February 1 to February 29		0		—		0	$	471,672
March 1 to March 31		0		—		0	$	471,672
Total:		0		—		0	$	471,672

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

The following information is being reported in Item 5 of this Quarterly Report on Form 10-Q, in satisfaction of Item 1.01 and Item 3.02 of a Current Report on Form 8-K, concerning entry into a material definitive agreement and an unregistered sale of equity securities, respectively.

In July 2015, we conducted a private placement of up to $250,000 of our common stock at $0.0176 per share to certain accredited investors (the “July Offering”). On December 2, 2015, we closed on the July Offering, resulting in gross proceeds to the Company of $225,526, and agreed to issue 21,588,871 shares of our common stock at $0.0104 per share (the “July 2015 Shares”), pursuant to certain subscription agreements (the “July Offering Subscription Agreements”). All investors in the July Offering were part of group led by a member of our Board of Directors, and one of the investors included a company in which he is the chief executive officer, but has no equity interest.

The proceeds to the Company of the July Offering were received in December 2015, and were used to finance a portion of the closing of the acquisitions of the purchase of the SPVs by Bluesphere Pavia (See Note 3 in Part I, Item 1).

On June 2, 2016, we issued 13,930,742 shares of our common stock pursuant to all but one of the July Offering Subscription Agreements dated December 2, 2015, with the issuance of the remaining 7,658,129 shares of our common stock currently in process. The Company did not utilize the services of, or pay any commissions to, a broker-dealer or third party in connection with the July Offering.

The foregoing description of the July Offering Subscription Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the form of July Offering Subscription Agreements filed as Exhibit 10.7 to this Quarterly Report, and incorporated herein by reference. The representations, warranties and covenants contained in the July Offering Subscription Agreements were made solely for the benefit of the parties to the agreement and may be subject to limitations agreed upon by the contracting parties. Accordingly, the form or July Offering Subscription Agreement is incorporated herein by reference only to provide investors with information regarding its terms and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company’s periodic reports and other SEC filings.

The Company is providing this information in accordance with Rule 135c under the Securities Act of 1933, as amended (the “Securities Act”), and the notice contained herein does not constitute an offer to sell the Company’s securities, and is not a solicitation for an offer to purchase the Company’s securities. The Company has sold shares of common stock in a private placement in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act and Regulation D and/or Regulation S promulgated thereunder since, among other things, the above transaction did not involve a public offering. Additionally, the Company relied on similar exemptions under applicable state laws. The investor in the sale had access to information about the Company and its investments, took July 2015 Shares for investment and not resale, and the Company took appropriate measures to restrict the transfer of the July 2015 Shares. Upon issuance, the resale of the July 2015 Shares will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

ITEM 6. EXHIBITS.

No.		Description
10.1		Form of Securities Subscription Agreement, dated February 15, 2016 (1)
10.2		Form of Warrant, dated February 15, 2016 (1)
10.3		Share Sale and Purchase Agreement, dated March 10, 2016, between Blue Sphere Corporation and Voltape Ltd. (2)
10.4		License Termination Agreement, dated March 13, 2016, between Blue Sphere Corporation and Nanyang Technological University (2)
10.5*		Services Agreement, effective as of May 1, 2016, between Blue Sphere Corporation and Mr. Ran Daniel (3)
10.6		Form of February 3, 2016 Warrant**
10.7		Form of July Offering Subscription Agreement**
31.1		Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer
31.2		Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer
32.1		Section 1350 Certification of Chief Executive Officer
32.2		Section 1350 Certification of Chief Financial Officer
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

(1) Incorporated by reference to our current report on Form 8-K filed with the SEC on February 17, 2016.

(2) Incorporated by reference to our current report on Form 8-K filed with the SEC on March 29, 2016.

(3) Incorporated by reference to our current report on Form 8-K filed with the SEC on May 4, 2016.

* Indicates management contract or compensatory plan or arrangement.

** Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BLUE SPHERE CORPORATION

	By:	/s/ Shlomi Palas
		President, Chief Executive Officer, Secretary and Director
		(Principal Executive Officer)
		Date: November 21, 2016

	By:	/s/ Ran Daniel
		Chief Financial Officer
		(Principal Accounting Officer and Principal Financial Officer)
		Date: November 21, 2016

EX-10.6 2 ex10-6.htm FORM OF FEBRUARY 3, 2016 WARRANT

Blue Sphere Corporation - 10-Q/A

Exhibit 10.6

NEITHER THIS SECURITY NOT THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENT OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR ORTER LOAN SECURED BY SUCH SECURITIES.

COMMON STOCK PURCHASE WARRANT

BLUESPHERE CORPORATION

Warrant Shares: [_____]	Initial Exercise Date: February 3, 2016
	Termination Date: February 3, 2019

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [_____], with an address at [_____] (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the three (3) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter to subscribe for and purchase from BlueSphere Corporation, a Nevada corporation (the “Company”), up to [_____] shares (the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 1(b).

Section 1. Exercise.

a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time on or after that Initial Exercise Date an on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto; and, within 3 Business Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within 3 Business Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within 1 Business Day of receipt of such notice. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $0.06, subject to adjustment hereunder (the “Exercise Price”).

c) Cashless Exercise. If there is no effective Registration Statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = VWAP on the Business Day immediately preceding the date of such election;

(B) = the Exercise Price of this Warrant, as adjusted; and

(X) = the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 1 (c). The “VWAP” shall mean, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by Bloomberg, L.P. (based on a Business Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Shares then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

d) Exercise Limitations. After such date that the Common Stock is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder together with the Holder’s Affiliates, and any other person or entity acting as a group together with the Holder or any of the Holder’s affiliates, as defined under the Securities Act (“Affiliates”), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other common stock equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 1(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules to be filed in accordance therewith. To the extent that the limitation contained in this Section 1(d) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 1(b), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the most recent public announcement by the Company or (B) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Business Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 1(d), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of Warrant held by the Holder and the provisions of this Section 1(d) shall continue to apply. Any such increase or decrease will not be effective until the 61^st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

e) Mechanics of Exercise.

i. Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is then a participant in such system and either (A) there is an effective Registration Statement permitting the resale of the Warrant Shares by the Holder or (B) the shares are eligible for resale without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise within 3 Business Days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above (the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised on the date the Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 1(e)(vi) prior to the issuance of such shares, have been paid. If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Share Subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Business Day (increasing to $20 per Business Day on the fifth Business Day after such liquidated damages begin to accrue) for each Business Day after such Warrant Share Delivery Date until such certificates are delivered.

ii. Delivery of New Warrant Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with the Warrant.

iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section 1(e)(i) by the Warrant Shares Delivery Date, then, the Holder will have the right to rescind such exercise.

iv. Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Shares Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

v. No Fractional Share or Strip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next share.

vi. Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certifications shall be issued in the name of the Holder or in such name or names as may by directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevent the timely exercise of this Warrant, pursuant to the terms hereof.

Section 2. Certain Adjustments.

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock outstanding shares of Common Stock into a smaller number of shares of (iv) issues by reclassification of shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 2(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

b) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition, other than the extension of the exercise dates of any warrants outstanding at the date hereof) any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced by multiplying the Exercise Price by a fraction, the numerator of which is the number of shares of Common Stock issued and outstanding immediately prior to the Dilutive Issuance plus the number of shares of Common Stock which the offering price for such Dilutive Issuance would purchase at the then Exercise Price, and the denominator of which shall be the sum of the number of shares of Common Stock issued and outstanding immediately prior to the Dilutive Issuance plus the number of shares of Common Stock so issued or issuable in connection with the Dilutive Issuance. Additionally, the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 2(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Business Day following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 2(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(b), upon the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.

c) Subsequent Rights Offerings. If the Company, at any time while the Warrant is outstanding, shall issue rights, options or warrants to all holders of Common Stock (and not to Holders) entitling them to subscribe for or purchase shares of Common Stock at a price per share less than the VWAP at the record date mentioned below, then the Exercise Price shall be multiplied by a fraction, of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of shares which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such VWAP. Such adjustment shall be made whenever such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants.

d) Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 3(b)), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company effects any merger or consolidation of the Company with or into another Person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternative Consideration in a reasonable manner reflecting the relative value of any different components of the Alternative Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternative Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provision any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 2 (e) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. Notwithstanding anything to the contrary and after such date that the Common Stock is quoted or listed for trading on a Trading Market, in the event of a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market, the Company or any successor entity shall pay at the Holder’s option, exercisable at any time concurrently with or within 30 days after the consummation of the Fundamental Transaction, an amount of cash equal to the value of this Warrant as determined in accordance with the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg L.P. using (A) a price per share of Common Stock equal to the VWAP of the Common Stock for the Business Day immediately preceding the date of consummation of the applicable Fundamental Transaction, (B) the risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction, (C) an expected volatility equal to the 100 day volatility obtained from the “HVT” function on Bloomberg L.P. determined as of the Business Day immediately following the public announcement of the applicable Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of such transaction and the Termination Date.

f) Calculations. All calculations under this Section 2 shall be to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 2, the number of share of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

g) Notice to Holder.

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. If the Company enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised.

ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, no later than 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined; (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; or (z) the date on which termination of the Warrant shall be effective; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering or described in such notice.

Section 3. Transfer of Warrant.

a) Transferability. Subject to compliance with any applicable securities laws this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof a the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all purposes, absent actual notice to the contrary.

Section 4. Miscellaneous.

a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 1(e)(i).

b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

d) Authorized Shares.

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are changed with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

Except and to the extent as waived or consented to by the Holder, the Company shall not take any action, including, without limitation, amend its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the forgoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorney’s fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

h) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth in this Warrant prior to 5:30 p.m. (New York City time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth in this Warrant hereto on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, (c) the 2^nd Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communication shall be [insert warrant holder’s address here].

i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by the Holder of holder of Warrant Shares.

l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and Holders holding Warrants at least equal to 67% of the Warrant Shares issuable upon exercise of all then outstanding Warrants.

m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

********************

(Signature Page Follows)

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunderto duly authorized as of the date first above indicated.

	BLUESPHERE CORPORATION

	By:

	Name:	Shlomi Palas

	Title:	Chief Executive Officer

NOTICE OF EXERCISE

TO: BLUESPHERE CORPORATION

(1) The undersigned hereby elects to purchase ____________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2) Payment shall take the form of (check applicable box):

[ ] in lawful money of the United States; or

[ ] [if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 1 (c).

(3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

__________________________________

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

__________________________________

(4) Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

Name of Investing Entity: _________________________________________________

Signature of Authorized Signatory of Investing Entity: __________________________

Name of Authorized Signatory: __________________________________

Title of Authorized Signatory: ___________________________________

Date: _______________

ASSIGNMENT FORM

(To assign the foregoing warrant, execute this form and supply required information. Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, [ _____ ] all of or _______ ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

____________________________________________ whose address is

__________________________________________________________,

		Dated: __________________

Holder’s Signature:

Holder’s Address:

Signature Guaranteed: __________________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

EX-10.7 3 ex10-7.htm FORM OF JULY OFFERING SUBSCRIPTION AGREEMENT

Blue Sphere Corporation - 10-Q/A

Exhibit 10.7

BLUE SPHERE SHARE SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of December 2nd, 2015 by and among Blue Sphere Corporation, a company organized and existing under the laws of the State of Nevada (“BSC”), and [_____]. (the “Purchaser”).

Whereas, BSC has agreed to sell and the Purchaser has agreed to purchase shares of common stock of BSC (the “Shares”) subject to the terms and on the conditions set forth below.

Now, therefore, in consideration of the mutual premises and covenants contained herein, and intending to be legally bound, the parties hereto agree as follows:

Sale and Purchase of Shares.

1.1 Sale of Shares. Subject to the terms and conditions hereof, BSC hereby issues and sells to the Purchaser, and the Purchaser hereby purchases from BSC [_____] Shares.

1.2 Purchase Price. The aggregate purchase price for the Shares is U.S. $[_____] (the “Purchase Price”), which shall be delivered to BSC as follows:

(i) $[_____] in immediately available funds upon signing this Agreement.

1.3 Securities Laws. The Purchaser acknowledges and understands that the offer and sale of the Shares were done in reliance on one or more exemption from registration under the Securities Exchange Act of 1933, as amended (the “Act”) and, as such, the Shares are, until registered, subject to restrictions on resale. The Purchaser agrees to acquaint itself with such restrictions and abide by them and any other applicable law or regulation. The Purchaser further agrees and acknowledges that, until registration, the certificates representing the Shares shall contain a legend that states the restrictions applicable to resale of such shares.

Acknowledgements and Agreements of the Purchaser. Purchaser acknowledges and agrees that:

(a)

none of the Shares have been registered under the Act, or under any state securities or “blue sky” laws of any state of the United States, and, unless so registered, may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons, as that term is defined in Regulation S under the 1933 Act (“Regulation S”), except in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and in each case only in accordance with applicable state and provincial securities laws;

(b)

the decision to execute this Agreement and acquire the Shares agreed to be purchased hereunder has not been based upon any oral or written representation as to fact or otherwise made by or on behalf of BSC and such decision is based entirely upon a review of any public information which has been filed by BSC with the Shares and Exchange Commission (the “SEC”) in compliance, or intended compliance, with applicable securities legislation;

(c)

the Purchaser and the Purchaser’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from BSC in connection with the distribution of the Shares hereunder, and to obtain additional information, to the extent possessed or obtainable without unreasonable effort or expense, necessary to verify the accuracy of the information about BSC;

(d)

the books and records of BSC were available upon reasonable notice for inspection, subject to certain confidentiality restrictions, by the Purchaser during reasonable business hours at its principal place of business, and all documents, records and books in connection with the distribution of the Shares hereunder have been made available for inspection by the Purchaser, the Purchaser’s lawyer and/or advisor(s);

(e)

BSC is entitled to rely on the representations and warranties of the Purchaser contained in this Agreement and the Purchaser will hold harmless BSC from any loss or damage it or they may suffer as a result of any inaccuracy therein;

(f)

the Purchaser will indemnify and hold harmless BSC and, where applicable, its directors, officers, employees, agents, advisors and shareholders, from and against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened) arising out of or based upon any representation or warranty of the Purchaser contained in this Agreement or in any document furnished by the Purchaser to BSC in connection herewith being untrue in any material respect or any breach or failure by the Purchaser to comply with any covenant or agreement made by the Purchasers to BSC in connection therewith;

(g)

although the Shares are listed on the OTC BB, no representation has been made to the Purchaser that any of the Shares will become listed on any other stock exchange or automated dealer quotation system;

(h)

BSC will refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act and in accordance with any other applicable securities laws;

(i)

the Purchaser has been advised to consult its own legal, tax and other advisors with respect to the merits and risks of an investment in the Shares and with respect to applicable resale restrictions, and it is solely responsible (and BSC is not in any way responsible) for compliance with:

(i) any applicable laws of the jurisdiction in which the Purchaser is resident in connection with the distribution of the Shares hereunder, and

(ii) applicable resale restrictions;

(j)

neither the SEC nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the Shares;

(k)

no documents in connection with the sale of the Shares hereunder have been reviewed by the SEC or any state securities administrators; and

(l)

there is no government or other insurance covering any of the Shares.

Representations, Warranties and Covenants of the Purchaser.

3.1 The Purchaser hereby represents and warrants to and covenants with BSC (which representations, warranties and covenants shall survive the Closing) that:

(a)

the Purchaser has received and carefully read this Agreement;

(b)

the Purchaser is purchasing the Shares as principal for investment only and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and, in particular, it has no intention to distribute either directly or indirectly any of the Shares in the United States or to U.S. Persons;

(c)

the Purchaser is aware that an investment in BSC is speculative and involves certain risks, including the possible loss of the entire investment;

(d)

the Purchaser has made an independent examination and investigation of an investment in the Shares and BSC and has depended on the advice of its legal and financial advisors and agrees that BSC will not be responsible in any way whatsoever for the Purchaser’s decision to invest in the Shares and BSC; and

(e)

no person has made to the Purchaser any written or oral representations:

(i)

that any person will resell or repurchase any of the Shares;

(ii)

that any person will refund the purchase price of any of the Shares;

(iii)

as to the future price or value of any of the Shares; or

(iv)

that any of the Shares will be listed and posted for trading on any stock exchange or automated dealer quotation system or that application has been made to list and post any of the Shares of BSC on any stock exchange or automated dealer quotation system.

3.2 Representations and Warranties will be Relied Upon by BSC. The Purchaser acknowledges that the representations and warranties contained herein, if applicable, are made by it with the intention that such representations and warranties may be relied upon by BSC and its legal counsel in determining the Purchaser’s eligibility to purchase the Shares under applicable securities legislation, or (if applicable) the eligibility of others on whose behalf it is contracting hereunder to purchase the Shares under applicable securities legislation. The Purchaser further agrees that by accepting delivery of the certificates representing the Shares on the closing date, it will be representing and warranting that the representations and warranties contained herein, if applicable, are true and correct as at the closing date with the same force and effect as if they had been made by the Purchaser on the closing date and that they will survive the purchase by the Purchaser of the Shares and will continue in full force and effect notwithstanding any subsequent disposition by the Purchaser of such Shares.

4. Further Assurances. Each party hereto agrees to execute, on request, all other documents and instruments as the other party shall reasonably request, and to take any actions, which are reasonably required or desirable to carry out obligations imposed under, and affect the purposes of, this Agreement.

5. Governing Law and Jurisdiction. This Agreement shall be governed by the substantive law of Israel, without application of any conflict of laws principle that would require the application of the law of any other jurisdiction.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

Blue Sphere Corporation


By: Shlomi Palas
Title: CEO

By: [ ]

EX-31.1 4 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Blue Sphere Corporation - 10-Q/A

Exhibit 31.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Shlomi Palas, certify that:

1.	I have reviewed this Form 10-Q of Blue Sphere Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 21, 2016

/s/ Shlomi Palas
Shlomi Palas
Chief Executive Officer

EX-31.2 5 ex31-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

Blue Sphere Corporation - 10-Q/A

Exhibit 31.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Ran Daniel, certify that:

1.	I have reviewed this Form 10-Q of Blue Sphere Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 21, 2016

/s/Ran Daniel
Ran Daniel
Chief Financial Officer

EX-32.1 6 ex32-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Blue Sphere Corporation - 10-Q/A

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of Blue Sphere Corporation (the “Company”) for the three months ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Shlomi Palas, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 21, 2016	By:	/s/ Shlomi Palas
		Shlomi Palas
		Chief Executive Officer

This certification accompanies each Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by §906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 7 ex32-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

Blue Sphere Corporation - 10-Q/A

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of Blue Sphere Corporation (the “Company”) for the three months ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Shlomo Zakai, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 21, 2016	By:	/s/ Ran Daniel
		Ran Daniel
		Chief Financial Officer

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BLUE SPHERE CORP. 0001419582 10-Q/A BLSP 2016-03-31 true --12-31 No No Yes Smaller Reporting Company Q1 2016

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The Company has estimated the fair value of such warrants at a value of $208,597 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.74</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">202</td> <td>%</td></tr> </table>    The Company has estimated the fair value of such warrants at a value of $116,599 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.74</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">202</td> <td>%</td></tr> </table>    The Company has estimated the fair value of such warrants at a value of $87,331 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.2</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">3</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">203</td> <td>%</td></tr></table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">b.</td><td style="text-align: justify">Investment in non-consolidated and affiliated companies</td> </tr></table>   Investments in non-consolidated and affiliated companies that are not controlled but over which the Company can exercise significant influence (generally, entities in which the Company holds approximately between 20% to 100% of the voting rights of the investee) are presented using the equity method of accounting. Profits on intercompany sales, not realized outside the Company, are eliminated. The Company discontinues applying the equity method when its investment (including advances and loans) is reduced to zero and the Company has not guaranteed obligations of the affiliate or otherwise committed to provide further financial support to the affiliate.   Investments in preferred shares, which are not in substance common stock, are recorded on a cost basis according to ASC 323-10-15-13, “Investments - Equity Method and Joint Ventures - In-substance Common Stock” and ASC 323-10-40-1, “Investment -Equity Method and Joint Ventures - Investee Capital Transactions”.   A change in the Company’s proportionate share of an investee’s equity, resulting from issuance of common or in-substance common shares by the investee to third parties, is recorded as a gain or loss in the consolidated income statements in accordance with ASC 323-10-40-1.   Investments in non-marketable equity securities of entities in which the Company does not have control or the ability to exercise significant influence over their operation and financial policies, are recorded at cost (generally when the Company holds less than 20% of the voting rights).   Management evaluates investments in affiliated companies, partnerships and other non-marketable equity securities for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances. Accordingly, in determining whether other-than-temporary declines exist, management evaluates various indicators for other-than-temporary declines and evaluates financial information (e.g. budgets, business plans, financial statements, etc.). During 2015 and 2014, no material impairment was recognized.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"><tr style="vertical-align: top"><td style="width: 0.5in"></td> <td style="width: 0.25in">c.</td> <td style="text-align: justify">Intangible Assets</td></tr> </table>   Intangible assets consist of non-monetary and separately identifiable assets, which can be controlled and are expected to generate future economic benefits. Such assets are recognized at acquisition and/or production cost, including directly attributable expenses to make the asset ready for use, net of accumulated amortization charges and any impairment losses.   The costs incurred internally to develop new services and platforms are considered intangible assets generated internally and are recognized as assets only if the following requirements are met:   <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">the cost incurred for the development of the assets can be reliably measured;</td> </tr></table>   <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 0.25in">2.</td> <td style="text-align: justify">the entity has the intention, the availability of financial resources, the ability to complete the assets and to use or sell them;</td></tr> </table>    Capitalized development costs include only expenses incurred that can be directly attributed to the process of developing new products and services.   Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives and are tested for impairment when circumstances indicate that the carrying value may be impaired. The amortization period and the amortization method for intangible assets with a finite useful lives are reviewed at least at each reporting date.    Changes in expected useful lives, or in the way the future economic benefits will be generated by the assets, are either recognized through a change in the period or in the amortization method and are accounted for as changes in accounting estimates. The amortization charges for intangible assets with a finite useful life are classified in the statement of income, in the costs appropriate for the function of the related intangible assets.

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NOTE 1 - BASIS OF PRESENTATION   The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and results of operations of Blue Sphere Corporation (the “Company”). These condensed consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K for the year ended September 30, 2015, as filed with the U.S. Securities and Exchange Commission. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of results that could be expected for the entire fiscal year.

.25 .50 0.50 EXPLANATORY NOTE   On May 18, 2015, Blue Sphere filed a Current Report on Form 8-K reporting that it had entered into an agreement to acquire one hundred percent (100%) of the share capital of four entities, Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l (collectively, the “SPVs”), that own and operate anaerobic digestion biogas plants for the production of electricity located in Italy (the “May Form 8-K”). The closing of the acquisition of the SPVs was subject to certain conditions precedent, as more fully described in the May Form 8-K, but which included obtaining consent from the acquired parties’ creditor to the acquisition and the resulting change of control, and securing a mezzanine loan facility. Upon attainment of the conditions precedent, the Company closed the acquisition of the SPVs on December 14, 2015 and filed a Current Report on Form 8-K on December 17, 2015 reporting that it had consummated the acquisition of the SPVs.   On May 23, 2016, the Company filed a Quarterly Report on Form 10-Q for the period from January 1, 2016 to March 31, 2016 (the “Quarterly Report”). As explained in the Quarterly Report, the interim financial statements and notes thereto contained in the Quarterly Report (the “Quarterly Report Financial Statements”) were not reviewed in accordance with Statement of Auditing Standards No. 100 (“SAS 100”), as required by Rule 10-01(d) of Regulation S-X promulgated under the Securities and Exchange Act of 1934, as amended, due to the inability of UHY to timely verify certain items in the SPVs’ financial statements and, consequently, the inability of Deloitte to complete its review of the Company’s Quarterly Report Financial Statements.   On June 13, 2016 the Company filed Amendment No. 1 on Form 10-Q/A to (i) file the Quarterly Report Financial Statements that have been reviewed in accordance with SAS 100 as required by Rule 10-01(d) and (ii) amend and restate Item 2 of Part 1, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, of the Quarterly Report based on the Quarterly Report Financial Statements filed herewith. In addition, the Company has updated the “Explanatory Note,” Item 2 of Part 2, “Unregistered Sales of Equity Securities and Use of Proceeds,” Item 5 of Part 2, “Other Information”, the signature page, the certifications of its Chief Executive Officer and Chief Financial Officer in Exhibits 31.1 and 32.1 and Exhibits 31.2 and 32.2, respectively, and the Company’s financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. As explained in the Quarterly Report as amended, the interim financial statements and notes contained in the Amended Quarterly Report (the “Quarterly Report Financial Statements”), the Company accounted for the acquisition of the SPVs using the purchase method of accounting. Under this method, the Company allocated the purchase price to tangible and intangible assets acquired and liabilities assumed based on estimated fair values at the date of acquisition, with the excess of the purchase price amount being allocated to goodwill.   The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to (i) file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016. The restatement reflects application of the equity method of accounting for those investments because the Framework EBITDA Guarantee Agreement between the Company and Austep S.p.A. (“Austep”), whereby Austep operates, maintains and supervises each biogas plants prevents us from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to (i) file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016 due to the application of the equity method of accounting for the investments in Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l. The Company applied the equity method because the Framework EBITDA Guarantee Agreement between the SPVs and Austep S.p.A. (“Austep”) whereas Austep operates, maintains and supervises each biogas plants prevents the Company from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company believes that, while the financial statements reflect substantial modifications, the revenues and expenses previously reported are now reflected in a line item for the Company’s non-consolidated wholly-owned subsidiaries and the modifications result in no impact to the Company's operational results. Therefore the modifications are substantially a matter of presentation.   In addition, this amendment includes modifications (i) to reflect the interest expense on the unpaid balance of the Purchase Price due the acquisition of the SPVs, (ii) to reclassify the proceeds from an offering which were previously recorded as current liability as proceeds on account of shares in Shareholders Deficiency, (iii)  to reflect the effects of accounting and reporting errors in calculation of shares for services and other expense, and (iv) to amend our disclosure in Part I, Item 4 “Controls and Procedures,” of the Original Report to change the conclusions of our principal executive officer and principal financial officer regarding the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended March  31, 2016 in light of management’s conclusion that the Company’s internal control over financial reporting contained a material weakness at March  31, 2016 which will be remediated by the end of the fiscal year ending December 31, 2016. These accounting and reporting errors and the related adjustments resulted in an understatement of net loss of $310 thousand for the period from January 1, 2016 to March 31, 2016 and an understatement of proceeds on account of shares of $145 thousand, an understatement of additional paid-in capital of $348 thousand, an overstatement of accumulated other comprehensive income of $15 thousand and overstatement of accumulated deficit of $301 thousand as of March 31, 2016.   Except as described above, this Amendment No. 2 on Form 10-Q/A does not amend any other information set forth in the Quarterly Report. However, for the convenience of the reader, this Amendment No. 1 on Form 10-Q/A restates in its entirety, as amended, the Quarterly Report. This Amendment No. 1 on Form 10-Q/A is presented as of the filing date of the Quarterly Report and does not reflect events occurring after that date, or modify or update information in the Quarterly Report, except as described above.

NOTE 2 - GENERAL   Blue Sphere Corporation (“the Company”), together with its wholly-owned subsidiaries, Eastern Sphere Ltd. (“Eastern”), Binosphere LLC (“Binosphere”), Johnstonsphere LLC (“Johnstonsphere”), and Sustainable Energy Ltd. (“SEL”) , is focused on project integration in the clean energy production and waste to energy markets.   The Company was incorporated in the state of Nevada on July 17, 2007 and was originally in the business of developing and promoting automotive internet sites. On February 17, 2010, the Company conducted a reverse merger, name change and forward split of its common stock, and in March 2010 current management took over operations, at which point the Company changed its business focus to become a project integrator in the clean energy production and waste to energy markets.   As of March 31, 2016, Johnstonsphere had not commenced operations.   On May 12, 2015 the Company formed Bluesphere Pavia (formerly called Bluesphere Italy S.r.l.). Italy S.r.l, a subsidiary of Eastern in order to acquire certain biogas plants located in Italy (see note 3 below).

NOTE 3 – INVESTMENT IN BLUE SPHERE PAVIA   On August 18, 2015, the Company and two of its wholly-owned subsidiaries, Eastern and Bluesphere Pavia, entered into a Long Term Mezzanine Loan Agreement (the “Helios Loan Agreement”) with Helios Italy Bio-Gas 1 L.P. (“Helios”). Under the Helios Loan Agreement, Helios will make up to $5,646,628 (€5,000,000) available to Bluesphere Pavia (the “Helios Loan”) to finance (a) ninety percent (90%) of the total required investment of the first four SVPs acquired, (b) eighty percent (80%) of the total required investment of up to three SVPs subsequently acquired, (c) certain broker fees incurred in connection with the acquisitions, and (d) any taxes associated with registration of an equity pledge agreement (as described below). Each financing of an SVP acquisition will be subject to specified conditions precedent and will constitute a separate loan under the Helios Loan Agreement. Helios may, within 90 days of a closing, require repayment of ten percent (10%) of the relevant loan and broker fees. If no such repayment is required, Helios may reduce the amount of its commitment to finance the acquisitions of the three additional SVPs to seventy to eighty percent (70-80%) of the total required investment. Helios’s commitment to provide any loan under the Helios Loan Agreement that is not utilized by June 30, 2016 will automatically cancel, unless extended in writing by Helios. Subject to specified terms, representations and warranties, the Helios Loan Agreement provides that each loan thereunder will accrue interest at a rate of 14.5% per annum, paid quarterly. Helios will also be entitled to an annual operation fee, paid quarterly. The final payment for each loan will become due no later than the earlier of (a) thirteen and one half years from the date such loan was made available to Bluesphere Italy, and (b) the date that the Feed in Tariff license granted to the relevant SVP expires. Pursuant to the Helios Loan Agreement and an equity pledge agreement, Eastern Sphere pledged all its shares in Bluesphere Pavia to secure all loan amounts utilized under the Helios Loan Agreement.   On December 14, 2015 (“Closing Date”), and pursuant to a Share Purchase Agreement, dated May 14, 2015 (the “Share Purchase Agreement”), by and among the Company’s indirect wholly-owned subsidiary, Bluesphere Pavia, and Volteo Energie S.p.A., Agriholding S.r.l., and Overland S.r.l. (collectively, the “Sellers”), Bluesphere Pavia completed the acquisitions of one hundred percent (100%) of the share capital of Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l. (each, an “SPV” and collectively, the “SPVs”) from the Sellers. Each SPV owns and operates an anaerobic digestion biogas plant in Italy for the production and sale of electricity to Gestore del Servizi Energetici GSE, S.p.A., a state-owned company, pursuant to a power purchase agreement. Pursuant to the Italy Projects Agreement, the Company also issued a corporate guarantee to the Sellers, whereby the Company will secure the obligations of Bluesphere Pavia under the Italy Projects Agreement.   Pursuant to the Share Purchase Agreement, the Company to pay $5,646,628 (€5,200,000) (the “Purchase Price”), subject to certain post-closing adjustments, to acquire the share capital of the SPVs. The Purchase Price for each SPV was determined based on a Base Line EBITDA guaranteed by the Sellers and an Equity IRR Target calculated on the Purchase Price of no less than twenty-five percent (25%). Fifty percent (50%) of the Purchase Price, adjusted for certain post-closing adjustments and closing costs, in the amount of $2,143,181 (€1,952,858) was paid at closing, and the balance is due to the Sellers on the third anniversary of the closing date. The remaining fifty percent (50%) of the Purchase Price, prior to and after closing date, and any variation of EBITDA results in the 18 months following the closing date, will be promised by a note from each Seller, to be paid on the third anniversary of the closing, along with interest on the unpaid balance due at an annual rate of two percent (2%). The portion of the Purchase Price paid at closing was primarily financed by a loan of $3,149,081 (€2,900,000) pursuant to the Helios Loan Agreement whereas the Company repaid $281,580 (€255,102) during the three months ended March 31, 2016.   In accordance with a Framework EBITDA Guarantee Agreement, dated July 17, 2015 (the “EBITDA Agreement”), between the Company and Austep S.p.A. (“Austep”), Austep will operate, maintain and supervise each biogas plant owned by the SPVs. In addition, Austep will guarantee a monthly aggregate EBITDA of $204,147 (€188,000) from the four SPVs for the initial six months following the acquisition, and thereafter Austep will guarantee an annual aggregate EBITDA of $4,082,946 (€3,760,000) from the four SPVs. Pursuant to the terms of the agreements with Austep, the Company will receive the guaranteed levels of EBITDA and Austep will receive ninety (90%) of the revenue in excess of these levels.   The Company applied the equity method of accounting for those investments because the Framework EBITDA Guarantee Agreement between the Company and Austep whereas Austep operates, maintains and supervises each biogas plants prevents us from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations.

NOTE 4 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS   The accompanying unaudited condensed consolidated financial statements as of March 31, 2016 and for the three months then ended have been prepared in accordance with accounting principles generally accepted in the United States relating to the preparation of financial statements for interim periods. Accordingly, they do not include all the information and footnotes required for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.   The September 30, 2015 Condensed Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015.

NOTE 5 – SIGNIFICANT ACCOUNTING POLICIES   The significant accounting policies applied in the annual financial statements of the Company as of September 30, 2015, are applied consistently in these financial statements except for the following:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in">a.</td> <td style="text-align: justify">Business combinations and Goodwill </td></tr> </table>   The Company accounts for its business combinations using the purchase method of accounting. Under this method, the Company allocates the purchase price to tangible and intangible assets acquired and liabilities assumed based on estimated fair values at the date of acquisition, with the excess of the purchase price amount being allocated to goodwill.   Acquisition-related and integration costs associated to the business combination are expensed as incurred. Changes in estimates associated with future income tax assets after measurement period are recognized as income tax expense with prospective application to all business combinations regardless of the date of acquisition. Goodwill for each reporting unit is assessed for impairment at least annually, or when an event or circumstance occurs that more likely than not reduces the fair value of a reporting unit below its carrying amount. An impairment charge is recorded when the carrying amount of the reporting unit exceeds its fair value and is determined as the difference between the goodwill’s carrying amount and its implied fair value.   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">b.</td><td style="text-align: justify">Investment in non-consolidated and affiliated companies</td> </tr></table>   Investments in non-consolidated and affiliated companies that are not controlled but over which the Company can exercise significant influence (generally, entities in which the Company holds approximately between 20% to 100% of the voting rights of the investee) are presented using the equity method of accounting. Profits on intercompany sales, not realized outside the Company, are eliminated. The Company discontinues applying the equity method when its investment (including advances and loans) is reduced to zero and the Company has not guaranteed obligations of the affiliate or otherwise committed to provide further financial support to the affiliate.   Investments in preferred shares, which are not in substance common stock, are recorded on a cost basis according to ASC 323-10-15-13, “Investments - Equity Method and Joint Ventures - In-substance Common Stock” and ASC 323-10-40-1, “Investment -Equity Method and Joint Ventures - Investee Capital Transactions”.   A change in the Company’s proportionate share of an investee’s equity, resulting from issuance of common or in-substance common shares by the investee to third parties, is recorded as a gain or loss in the consolidated income statements in accordance with ASC 323-10-40-1.   Investments in non-marketable equity securities of entities in which the Company does not have control or the ability to exercise significant influence over their operation and financial policies, are recorded at cost (generally when the Company holds less than 20% of the voting rights).   Management evaluates investments in affiliated companies, partnerships and other non-marketable equity securities for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances. Accordingly, in determining whether other-than-temporary declines exist, management evaluates various indicators for other-than-temporary declines and evaluates financial information (e.g. budgets, business plans, financial statements, etc.). During 2015 and 2014, no material impairment was recognized.   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in">c.</td> <td style="text-align: justify">Intangible Assets</td></tr> </table>   Intangible assets consist of non-monetary and separately identifiable assets, which can be controlled and are expected to generate future economic benefits. Such assets are recognized at acquisition and/or production cost, including directly attributable expenses to make the asset ready for use, net of accumulated amortization charges and any impairment losses.   The costs incurred internally to develop new services and platforms are considered intangible assets generated internally and are recognized as assets only if the following requirements are met:   <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">the cost incurred for the development of the assets can be reliably measured;</td> </tr></table>   <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 0.25in">2.</td> <td style="text-align: justify">the entity has the intention, the availability of financial resources, the ability to complete the assets and to use or sell them;</td></tr> </table>    Capitalized development costs include only expenses incurred that can be directly attributed to the process of developing new products and services.   Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives and are tested for impairment when circumstances indicate that the carrying value may be impaired. The amortization period and the amortization method for intangible assets with a finite useful lives are reviewed at least at each reporting date.    Changes in expected useful lives, or in the way the future economic benefits will be generated by the assets, are either recognized through a change in the period or in the amortization method and are accounted for as changes in accounting estimates. The amortization charges for intangible assets with a finite useful life are classified in the statement of income, in the costs appropriate for the function of the related intangible assets.   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in">d.</td> <td style="text-align: justify">Long-Lived Assets</td></tr> </table>   When events or changes in circumstances indicate that the carrying amount of long-lived assets, such as capital assets and intangible assets, may not be recoverable, undiscounted estimated cash flows are projected over their remaining term and compared to the carrying amount. To the extent that such projections indicate that future undiscounted cash flows are not sufficient to recover the carrying amounts of related assets, a charge is recorded to reduce the carrying amount to the projected future discounted cash flows.

NOTE 6 - GOING CONCERN   The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As of March 31, 2016, the Company had approximately $1,753,000 in cash and cash equivalents, approximately $7,668,000 in negative working capital, a stockholders’ deficit of approximately $6,384,000 and an accumulated deficit of approximately $48,573,000. Management anticipates their business will require substantial additional investments that have not yet been secured. Management is continuing in the process of fund raising in the private equity markets as the Company will need to finance future activities. Company’s ability to continue as a going concern is dependent upon raising capital from financing transactions and revenue from operations. These financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent on its ability to obtain additional financing as may be required and ultimately to attain profitability.

NOTE 7 - NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS   No new accounting standards have been adopted since the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2015 was filed.

NOTE 8 – COMMON SHARES   On January 26, 2016, the Company issued 1,000,000 shares of Common Stock pursuant to a subscription agreement dated June 12, 2015.   On February 1, 2016 the Company issued 540,000 shares of Common Stock to a consultant in respect of his consulting services for the Company. The Company has estimated the fair value of such shares, and recorded an expense of $108,327.   In February 2016, the Company conducted an offering (the “Offering”) consisting of (a) up to USD $1,925,000 of the Company’s Common Stock, priced at the closing price for shares of Common Stock, as reported on the OTCQB Venture Marketplace, on the trading day prior to the closing of the Offering, and (b) 5-year warrants to purchase shares of Common Stock in an amount equal to 50% of the number of shares of Common Stock so purchased by the subscriber (the “Warrants”, together with the shares of Common Stock subscribed for, the “Securities”).   The Securities have been offered pursuant to subscription agreements with each investor (the “Subscription Agreement”). In addition to other customary provisions, each Subscription Agreement provides that the Company will use its reasonable commercial efforts to register all shares of Common Stock sold in the Offering, including all shares of Common Stock underlying the Warrants, within 60 days of the closing of the Offering. The Warrants are exercisable for 5 years from the date of issuance at $0.10 per share, include an option by which the holder may exercise the Warrant by means of a cashless exercise, and include customary weighted-average price adjustment and anti-dilution terms.   On February 15, 2016, the Company completed the only closing of the Offering, representing aggregate gross proceeds to the Company of $1,925,000. In connection with the closing, the Company and subscribers entered into (a) Subscription Agreements for, in the aggregate, 35,000,000 shares of Common Stock at $0.055 per share, and (b) Warrants to purchase, in the aggregate, up to 17,500,000 shares of Common Stock at an exercise price of $0.10 per share. The warrants were accounted for as derivative liabilities. The Company has estimated the fair value of such warrants at a value of $933,358 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.20</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">203</td> <td>%</td></tr> </table>    The Company engaged Maxim Group LLC (“Maxim”) to assist in the Offering. Pursuant to the terms of an engagement letter between Maxim and the Company, Maxim received commissions equal to 7% of the gross proceeds raised by Maxim in the Offering, warrants to purchase, in the aggregate, up to 2,800,000 shares of Common Stock at an exercise price of $0.0605 per share and to purchase, in the aggregate, up to 1,400,000 shares of Common Stock at an exercise price of $0.11 per share. The Company has estimated the fair value of such warrants at a value of $224,413 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.20</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">203</td> <td>%</td></tr> </table>   On March 15, 2016, the Company issued 85,000 shares of common stock to a consultant in respect of his consulting services for the Company. The Company has estimated the fair value of such shares, and recorded an expense of $5,685.

The Company has estimated the fair value of such warrants at a value of $933,358 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.20</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">203</td> <td>%</td></tr> </table>    The Company has estimated the fair value of such warrants at a value of $224,413 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.20</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">203</td> <td>%</td></tr></table>

NOTE 9 – DEBENTURES AND NOTES   Beginning in November 2015, the Company conducted an offering (the “Offering”) of up to $3,000,000 of the Company’s Senior Debentures (the “Debentures”) and Warrants (the “Warrants”, together with the “Debentures”, the “Securities”) to purchase up to 8,000,000 shares of common stock of the Company, par value $0.001 per share, in proportion pro rata to each Subscriber’s subscription amount relative to the total Offering amount, with 50% of the warrants exercisable at a price per share of $0.05 and the other 50% of the warrants exercisable at price per share of $0.075.   The Debentures bear interest at 11%, paid quarterly, and mature in two years. The Debentures are secured by a pledge agreement between the Company and each investor, whereby the Company pledged as collateral up to 49% of its shares of common stock in Eastern Sphere, Ltd., our wholly-owned subsidiary (the “Pledge Agreement”). The Pledge Agreement further provides that the Company’s obligations under the Debentures rank senior to all other indebtedness of Blue Sphere Corporation, but are subordinate to all indebtedness and liabilities of its subsidiaries and project-level operating entities. The Warrants are exercisable for 5 years from the date of issuance, with 50% exercisable at $0.05 per share and 50% exercisable at $0.075 per share   The warrants were accounted for as derivative liabilities. The Company has estimated the fair value of such warrants at a value of $208,597 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.74</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">202</td> <td>%</td></tr> </table>   The Securities were offered pursuant to subscription agreements with each investor (the “Subscription Agreement”). Pursuant to the Subscription Agreements, the investors in the Offering shall have the right to collectively designate one observer or member to the Company’s Board of Directors.   On December 23, 2015, the Company completed the closing of the Offering and entered into Subscription Agreements with investors representing aggregate gross proceeds to the Company of $3,000,000.   The Company engaged Maxim Group LLC (“Maxim”) to assist in the Offering. Pursuant to the terms of an engagement letter between Maxim and the Company, Maxim received commissions equal to 7% of the gross proceeds raised by Maxim in the Offering and warrants to purchase, in the aggregate, up to 4,480,000 shares of Common Stock at an exercise price of $0.06875 per share. The Company has estimated the fair value of such warrants at a value of $116,599 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.74</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">202</td> <td>%</td></tr> </table>   On February 3, 2016, the Company issued 3-year warrants to purchase up to 1,500,000 shares of Company’s common stock at an exercise price of $0.06 per share, in full satisfaction of certain obligations of the Company.   The Company has estimated the fair value of such warrants at a value of $87,331 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font-size: 10pt"> <tr style="height: 8.65pt; vertical-align: bottom"> <td style="padding-left: 7.5pt; height: 8.65pt; text-align: center; text-indent: -7.5pt"> </td> <td style="padding-bottom: 1pt; height: 8.65pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; height: 8.65pt; text-align: center">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">0</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.2</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Expected term (years)</td> <td> </td> <td> </td> <td style="text-align: right">3</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 7.5pt; text-align: justify; text-indent: -7.5pt">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">203</td> <td>%</td></tr> </table>   Changes in the fair value of the warrants are recorded as interest expenses.

NOTE 10 – SUBSEQUENT EVENTS   On April 13, 2016 the Company issued 1,000,000 shares of Common Stock of the Company to a consultant in consideration for corporate finance, investor communications and financial and investor public relations services. The consulting agreement provides for the issuance of an additional 1,000,000 shares of common stock as a service bonus if the agreement is not terminated prior to June 9, 2016. The Company has estimated the fair value of such shares, and recorded an expense of $72,733.   On April 13, 2016, we issued an aggregate of 875,000 shares of Common Stock to a consultant, pursuant to consulting agreements dated September 1, 2015 and March 1, 2016, in consideration for investor relations and communications services. The Company has estimated the fair value of such shares, and recorded an expense of $42,467.   On May 18, 2016, a 1.5-year warrant to purchase shares of Common Stock, dated May 4, 2015, was exercised into 700,000 shares of common stock at an exercise price of $0.058 per share, for total consideration of $40,600.   On June 2, 2016 the Company issued 13,930,742 shares of Common Stock in consideration of $145,526 that were received in December 2015 to finance a portion of the acquisitions of one hundred percent (100%) of the SPVs.

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Document and Entity Information - shares
3 Months Ended

Mar. 31, 2016

May 18, 2016

Document And Entity Information

Entity Registrant Name BLUE SPHERE CORP.

Entity Central Index Key 0001419582

Document Type 10-Q/A

Trading Symbol BLSP

Document Period End Date Mar. 31, 2016

Amendment Flag true

Amendment Description
EXPLANATORY NOTE

On May 18, 2015, Blue Sphere filed a Current Report on Form 8-K reporting that it had entered into an agreement to acquire one hundred percent (100%) of the share capital of four entities, Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l (collectively, the “SPVs”), that own and operate anaerobic digestion biogas plants for the production of electricity located in Italy (the “May Form 8-K”). The closing of the acquisition of the SPVs was subject to certain conditions precedent, as more fully described in the May Form 8-K, but which included obtaining consent from the acquired parties’ creditor to the acquisition and the resulting change of control, and securing a mezzanine loan facility. Upon attainment of the conditions precedent, the Company closed the acquisition of the SPVs on December 14, 2015 and filed a Current Report on Form 8-K on December 17, 2015 reporting that it had consummated the acquisition of the SPVs.

On May 23, 2016, the Company filed a Quarterly Report on Form 10-Q for the period from January 1, 2016 to March 31, 2016 (the “Quarterly Report”). As explained in the Quarterly Report, the interim financial statements and notes thereto contained in the Quarterly Report (the “Quarterly Report Financial Statements”) were not reviewed in accordance with Statement of Auditing Standards No. 100 (“SAS 100”), as required by Rule 10-01(d) of Regulation S-X promulgated under the Securities and Exchange Act of 1934, as amended, due to the inability of UHY to timely verify certain items in the SPVs’ financial statements and, consequently, the inability of Deloitte to complete its review of the Company’s Quarterly Report Financial Statements.

On June 13, 2016 the Company filed Amendment No. 1 on Form 10-Q/A to (i) file the Quarterly Report Financial Statements that have been reviewed in accordance with SAS 100 as required by Rule 10-01(d) and (ii) amend and restate Item 2 of Part 1, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, of the Quarterly Report based on the Quarterly Report Financial Statements filed herewith. In addition, the Company has updated the “Explanatory Note,” Item 2 of Part 2, “Unregistered Sales of Equity Securities and Use of Proceeds,” Item 5 of Part 2, “Other Information”, the signature page, the certifications of its Chief Executive Officer and Chief Financial Officer in Exhibits 31.1 and 32.1 and Exhibits 31.2 and 32.2, respectively, and the Company’s financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. As explained in the Quarterly Report as amended, the interim financial statements and notes contained in the Amended Quarterly Report (the “Quarterly Report Financial Statements”), the Company accounted for the acquisition of the SPVs using the purchase method of accounting. Under this method, the Company allocated the purchase price to tangible and intangible assets acquired and liabilities assumed based on estimated fair values at the date of acquisition, with the excess of the purchase price amount being allocated to goodwill.

The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to (i) file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016. The restatement reflects application of the equity method of accounting for those investments because the Framework EBITDA Guarantee Agreement between the Company and Austep S.p.A. (“Austep”), whereby Austep operates, maintains and supervises each biogas plants prevents us from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to (i) file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016 due to the application of the equity method of accounting for the investments in Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l. The Company applied the equity method because the Framework EBITDA Guarantee Agreement between the SPVs and Austep S.p.A. (“Austep”) whereas Austep operates, maintains and supervises each biogas plants prevents the Company from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company believes that, while the financial statements reflect substantial modifications, the revenues and expenses previously reported are now reflected in a line item for the Company’s non-consolidated wholly-owned subsidiaries and the modifications result in no impact to the Company's operational results. Therefore the modifications are substantially a matter of presentation.

In addition, this amendment includes modifications (i) to reflect the interest expense on the unpaid balance of the Purchase Price due the acquisition of the SPVs, (ii) to reclassify the proceeds from an offering which were previously recorded as current liability as proceeds on account of shares in Shareholders Deficiency, (iii) to reflect the effects of accounting and reporting errors in calculation of shares for services and other expense, and (iv) to amend our disclosure in Part I, Item 4 “Controls and Procedures,” of the Original Report to change the conclusions of our principal executive officer and principal financial officer regarding the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended March 31, 2016 in light of management’s conclusion that the Company’s internal control over financial reporting contained a material weakness at March 31, 2016 which will be remediated by the end of the fiscal year ending December 31, 2016. These accounting and reporting errors and the related adjustments resulted in an understatement of net loss of $310 thousand for the period from January 1, 2016 to March 31, 2016 and an understatement of proceeds on account of shares of $145 thousand, an understatement of additional paid-in capital of $348 thousand, an overstatement of accumulated other comprehensive income of $15 thousand and overstatement of accumulated deficit of $301 thousand as of March 31, 2016.

Except as described above, this Amendment No. 2 on Form 10-Q/A does not amend any other information set forth in the Quarterly Report. However, for the convenience of the reader, this Amendment No. 1 on Form 10-Q/A restates in its entirety, as amended, the Quarterly Report. This Amendment No. 1 on Form 10-Q/A is presented as of the filing date of the Quarterly Report and does not reflect events occurring after that date, or modify or update information in the Quarterly Report, except as described above.

Current Fiscal Year End Date --12-31

Entity a Well-known Seasoned Issuer No

Entity a Voluntary Filer No

Entity's Reporting Status Current Yes

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 219,817,675

Document Fiscal Period Focus Q1

Document Fiscal Year Focus 2016

XML 16 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 1,753	$ 161
Other current assets	1,803	21
Total current assets	3,556	182
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation	86	31
OTHER LONG TERM ASSETS	9
INVESTMENTS IN JOINT VENTURES	7,981	4,952
INVESTMENTS IN NON CONSOLIDATED SUBSIDIARIES	4,550
Total assets	16,182	5,165
CURRENT LIABILITIES:
Current maturities of long term loan	346	32
Accounts payables	37	58
Other accounts payable and liabilities	1,378	1,200
Deferred revenues from joint ventures	9,463	6,434
Total current liabilities	11,224	7,724
LONG TERM BANK LOANS	176	135
LONG TERM LOANS AND LIABILITIES	5,766
DEBENTURES	2,508
WARRANTS TO ISSUE SHARES	2,892
STOCKHOLDERS' DEFICIENCY:
Common shares of $0.001 par value each: Authorized: 1,750,000,000 shares at March 31, 2016 and September 30, 2015. Issued and outstanding: 217,127,443 shares and 167,952,595 shares at December 31, 2015 and September 30, 2015, respectively	1,293	1,244
Proceeds on account of shares	145	20
Treasury shares	(28)	(28)
Accumulated other comprehensive loss	4
Additional paid-in capital	40,775	39,474
Accumulated deficit	(48,573)	(43,404)
Total Stockholders' Deficiency	(6,384)	(2,694)
Total liabilities and Stockholders' Deficiency	$ 16,182	$ 5,165

XML 17 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2016	Sep. 30, 2015
Condensed Consolidated Balance Sheets
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized	1,750,000,000	1,750,000,000
Common shares, shares issued	217,127,443	167,952,595
Common shares, shares outstanding	217,127,443	167,952,595

XML 18 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING EXPENSES -
General and administrative expenses	$ 2,082	$ 993
Other income	(102)
OPERATING LOSS	1,980	993
FINANCIAL EXPENSES, net	1,231	819
EQUITY LOSSES IN NONCONSOLIDATED SUBSIDIARIES	670
NET LOSS FOR THE PERIOD	$ 3,881	$ 1,812
Net loss per common share - basic and diluted (in dollars per share)	$ (0.020)	$ (0.033)
Weighted average number of common shares outstanding during the period - basic and diluted (in shares)	194,658,706	55,404,305

XML 19 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Income Statement [Abstract]
NET LOSS	$ 3,881
Other comprehensive income (loss), net of tax:
Currency translation adjustments	(4)
TOTAL COMPREHENSIVE LOSS	$ 3,877

XML 20 R6.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited) - USD ($) $ in Thousands	Common Stock, $0.001 Par Value [Member]	Proceeds on account of shares [Member]	Treasury Shares [Member]	Accumulated other comprehensive income [Member]	Additional paid-in Capital [Member]	Accumulated deficit [Member]	Total
Balance at beginning at Dec. 31, 2014	$ 1,127	$ 20			$ 35,662	$ (37,255)	$ (446)
Balance at beginning (shares) at Dec. 31, 2014	51,125,044
Increase (Decrease) in Stockholders' Deficiency [Roll Forward]
Share based compensation					55		55
Issuance of common stock, net of issuance costs	$ 1				81		82
Issuance of common stock, net of issuance costs (in shares)	609,039
Issuance of shares for services	$ 8				879		887
Issuance of shares for services (shares)	8,114,867
Issuance of common stock in respect of issuance of convertible notes	$ 10				474		484
Issuance of common stock in respect of issuance of convertible notes (shares)	9,963,717
Issuance of convertible debentures containing a beneficial conversion feature					181		181
Proceeds on account of shares not yet issued		15
Comprehensive loss						(1,812)	(1,812)
Balance at ending at Mar. 31, 2015	$ 1,146	35			37,332	(39,067)	(554)
Balance at ending (in shares) at Mar. 31, 2015	69,812,667
Balance at beginning at Dec. 31, 2015	$ 1,256	165	$ (28)		39,813	(44,692)	(3,486)
Balance at beginning (shares) at Dec. 31, 2015	180,502,443
Increase (Decrease) in Stockholders' Deficiency [Roll Forward]
Issuance of common stock, net of issuance costs	$ 36	(20)			578		594
Issuance of common stock, net of issuance costs (in shares)	36,000,000
Issuance of shares for services	$ 1				384		385
Issuance of shares for services (shares)	625,000
Comprehensive loss				$ 4		(3,881)	(3,877)
Balance at ending at Mar. 31, 2016	$ 1,293	$ 145	$ (28)	$ 4	$ 40,775	$ (48,573)	$ (6,384)
Balance at ending (in shares) at Mar. 31, 2016	217,127,443						217,127,443

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period	$ (3,881,000)	$ (1,812,000)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:
Share based compensation		55,000
Depreciation	4,000	1,000
Equity losses in nonconsolidated subsidiaries	670,000	(19,000)
Expenses in respect of convertible notes and loans	172,000	719,000
Changes in Warrants to issue shares	1,190,000
Issuance of shares for services	385,000	887,000
Decrease (increase) in other current assets	(169,000)	151,000
Increase in other long term assets	(9,000)
Increase (decrease) in accounts payables	(249,000)	22,000
Increase in other account payables	293,000	108,000
Net cash provided by (used in) operating activities	(1,594,000)	112,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(60,000)
Net cash used in investing activities	(60,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan received	50,000	311,000
Payment of loans and convertible debentures	(288,000)	(476,000)
Proceeds from issuance of shares and warrants	1,752,000	82,000
Proceeds on account of shares		15,000
Proceeds from issuance of convertible debenture		212,000
Net cash provided by financing activities	1,514,000	144,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(140,000)	256,000
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH BALANCES IN FOREIGN CURRENCIES	5,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,888,000	118,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,753,000	$ 374,000
NON-CASH TRANSACTIONS:
Issuance expense paid through warrants issuance	225,000
Deferred net equity in joint ventures	411,000
Cash paid during the period for:
Interest	$ 25,000

XML 22 R8.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2016

Basis Of Presentation

BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION

XML 23 R9.htm IDEA: XBRL DOCUMENT

GENERAL

3 Months Ended

Mar. 31, 2016

General

GENERAL

NOTE 2 - GENERAL

As of March 31, 2016, Johnstonsphere had not commenced operations.

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INVESTMENT IN BLUE SPHERE PAVIA

3 Months Ended

Mar. 31, 2016

Investment In Blue Sphere Pavia

INVESTMENT IN BLUE SPHERE PAVIA

NOTE 3 – INVESTMENT IN BLUE SPHERE PAVIA

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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2016

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

XML 26 R12.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 5 – SIGNIFICANT ACCOUNTING POLICIES

Business combinations and Goodwill

Investment in non-consolidated and affiliated companies

Intangible Assets

The costs incurred internally to develop new services and platforms are considered intangible assets generated internally and are recognized as assets only if the following requirements are met:

the cost incurred for the development of the assets can be reliably measured;

the entity has the intention, the availability of financial resources, the ability to complete the assets and to use or sell them;

Capitalized development costs include only expenses incurred that can be directly attributed to the process of developing new products and services.

Long-Lived Assets

XML 27 R13.htm IDEA: XBRL DOCUMENT

GOING CONCERN

3 Months Ended

Mar. 31, 2016

Going Concern [Abstract]

GOING CONCERN

NOTE 6 - GOING CONCERN

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NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS

NOTE 7 - NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS

No new accounting standards have been adopted since the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2015 was filed.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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COMMON SHARES

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

COMMON SHARES

NOTE 8 – COMMON SHARES

On January 26, 2016, the Company issued 1,000,000 shares of Common Stock pursuant to a subscription agreement dated June 12, 2015.

	%
Dividend yield		0
Risk-free interest rate		1.20	%
Expected term (years)		5
Volatility		203	%

	%
Dividend yield		0
Risk-free interest rate		1.20	%
Expected term (years)		5
Volatility		203	%

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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DEBENTURES AND NOTES

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

DEBENTURES AND NOTES

NOTE 9 – DEBENTURES AND NOTES

	%
Dividend yield		0
Risk-free interest rate		1.74	%
Expected term (years)		5
Volatility		202	%

On December 23, 2015, the Company completed the closing of the Offering and entered into Subscription Agreements with investors representing aggregate gross proceeds to the Company of $3,000,000.

The Company engaged Maxim Group LLC (“Maxim”) to assist in the Offering. Pursuant to the terms of an engagement letter between Maxim and the Company, Maxim received commissions equal to 7% of the gross proceeds raised by Maxim in the Offering and warrants to purchase, in the aggregate, up to 4,480,000 shares of Common Stock at an exercise price of $0.06875 per share. The Company has estimated the fair value of such warrants at a value of $116,599 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.74	%
Expected term (years)		5
Volatility		202	%

The Company has estimated the fair value of such warrants at a value of $87,331 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.2	%
Expected term (years)		3
Volatility		203	%

Changes in the fair value of the warrants are recorded as interest expenses.

XML 31 R17.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

XML 32 R18.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2016

Significant Accounting Policies Policies

Business Combinations and Goodwill

Business combinations and Goodwill

Investment in non-consolidated and affiliated companies

Investment in non-consolidated and affiliated companies

Intangible Assets

Intangible Assets

The costs incurred internally to develop new services and platforms are considered intangible assets generated internally and are recognized as assets only if the following requirements are met:

the cost incurred for the development of the assets can be reliably measured;

the entity has the intention, the availability of financial resources, the ability to complete the assets and to use or sell them;

Capitalized development costs include only expenses incurred that can be directly attributed to the process of developing new products and services.

Long-Lived Assets

Long-Lived Assets

- Definition

Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.

+ References + Details

XML 33 R19.htm IDEA: XBRL DOCUMENT

COMMON SHARES (Tables)

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Schedule of assumptions in the Black-Scholes option pricing model

The Company has estimated the fair value of such warrants at a value of $933,358 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.20	%
Expected term (years)		5
Volatility		203	%

The Company has estimated the fair value of such warrants at a value of $224,413 at the date of issuance and using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.20	%
Expected term (years)		5
Volatility		203	%

XML 34 R20.htm IDEA: XBRL DOCUMENT

DEBENTURES AND NOTES (Table)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of assumptions used for fair value of derivative liabilities

The Company has estimated the fair value of such warrants at a value of $208,597 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.74	%
Expected term (years)		5
Volatility		202	%

The Company has estimated the fair value of such warrants at a value of $116,599 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.74	%
Expected term (years)		5
Volatility		202	%

The Company has estimated the fair value of such warrants at a value of $87,331 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

	%
Dividend yield		0
Risk-free interest rate		1.2	%
Expected term (years)		3
Volatility		203	%

XML 35 R21.htm IDEA: XBRL DOCUMENT

INVESTMENT IN BLUE SPHERE PAVIA (Details Narrative)			3 Months Ended			7 Months Ended
INVESTMENT IN BLUE SPHERE PAVIA (Details Narrative)	Jul. 17, 2015 USD ($)	Jul. 17, 2015 EUR (€)	Mar. 31, 2016 USD ($)	Mar. 31, 2016 EUR (€)	Mar. 31, 2015 USD ($)	Dec. 14, 2015 USD ($)	Dec. 14, 2015 EUR (€)	Dec. 14, 2015 EUR (€)	Aug. 14, 2015 USD ($)	Aug. 14, 2015 EUR (€)
Repayment of debt			$ 288,000		$ 476,000
Performance EBITDA Guarantee [Member]
Monthly EBITDA	$ 204,147
Annual EBITDA	$ 4,082,946
Percentage of excess revenue to be received	90.00%	90.00%
Minimum [Member]
Ownership percentage			20.00%	20.00%
Maximum [Member]
Ownership percentage			100.00%	100.00%
Euro \| Performance EBITDA Guarantee [Member]
Monthly EBITDA \| €		€ 188,000
Annual EBITDA \| €		€ 3,760,000
Share Purchase Agreement [Member]
Ownership percentage						100.00%		100.00%
Purchase price						$ 5,646,628
Amount paid at closing						$ 2,143,181
Equity IRR target						25.00%		25.00%
Percentage of purchase price paid at closing						50.00%		50.00%
Percentage of purchase price to be paid by issue of note						50.00%		50.00%
Share Purchase Agreement [Member] \| Euro
Purchase price \| €							€ 5,200,000
Amount paid at closing \| €							€ 1,952,858
Share Purchase Agreement [Member] \| Helios Loan Agreement [Member]
Amount available under loan agreement									$ 5,646,628
Financed investment intial SPVS (percent)									90.00%	90.00%
Financed investment subsequentled acquired SPVs (percent)									80.00%	80.00%
Required repayment of loan andd broker fees (percent)									10.00%	10.00%
Debt interest rate									14.50%	14.50%
Share Purchase Agreement [Member] \| Helios Loan Agreement [Member] \| Minimum [Member]
Financed investment SPVS, no repayment (percent)									70.00%	70.00%
Share Purchase Agreement [Member] \| Helios Loan Agreement [Member] \| Maximum [Member]
Financed investment SPVS, no repayment (percent)									80.00%	80.00%
Share Purchase Agreement [Member] \| Helios Loan Agreement [Member] \| Euro
Amount available under loan agreement \| €										€ 5,000,000
Share Purchase Agreement [Member] \| Long Term Mezzanine Loan Agreement [Member]
Debt amount						$ 3,149,081
Repayment of debt			$ 281,580
Debt interest rate						2.00%		2.00%
Share Purchase Agreement [Member] \| Long Term Mezzanine Loan Agreement [Member] \| Euro
Debt amount \| €								€ 2,900,000
Repayment of debt \| €				€ 255,102

XML 36 R22.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Mar. 31, 2016
Useful life	15 years
Minimum [Member]
Ownership percentage	20.00%
Maximum [Member]
Ownership percentage	100.00%

XML 37 R23.htm IDEA: XBRL DOCUMENT

GOING CONCERN (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Going Concern Details Narrative
Cash and Cash Equivalents, At Carrying Value	$ 1,753	$ 1,888	$ 161	$ 374	$ 118
Working Capital Deficit	7,668
Stockholders' Deficit	(6,384)	$ (3,486)	(2,694)	$ (554)	$ (446)
Accumulated deficit	$ (48,573)		$ (43,404)

XML 38 R24.htm IDEA: XBRL DOCUMENT

COMMON SHARES (Details Narrative) - USD ($)						3 Months Ended
COMMON SHARES (Details Narrative) - USD ($)	Mar. 15, 2016	Feb. 15, 2016	Feb. 03, 2016	Feb. 01, 2016	Jan. 26, 2016	Mar. 31, 2016	Mar. 31, 2015	Feb. 29, 2016
Issuance of shares for services (shares)	85,000			540,000
Issuance of shares for services, expense	$ 5,685			$ 108,327		$ 385,000	$ 887,000
Gross proceeds from subscription agreement							15,000
Fair value of warrants						208,597
Issuance of common stock (in shares)					1,000,000
Value of common stock issued upon new issue						$ 594,000	$ 82,000
Warrant [Member]
Warrant exercise term			3 years
Warrant exercise price			$ 0.06
Number of shares called by warrant			1,500,000
Fair value of warrants			$ 87,331
Offering [Member]
Value of common stock in offering								$ 1,925,000
Warrant exercise price		$ 0.10
Gross proceeds from subscription agreement		$ 1,925,000
Number of shares called by warrant		17,500,000
Stock shares subscribed		35,000,000
Stock price		$ 0.055
Securities sold in offering (percent)		50.00%
Offering [Member] \| Maxim Group LLC [Member]
Warrant exercise price		$ 0.0605
Number of shares called by warrant		2,800,000
Stock shares subscribed		1,400,000
Stock price		$ 0.11
Fair value of warrants		$ 224,413
Offering [Member] \| Warrant [Member]
Warrant exercise term		5 years
Warrant exercise price								$ 0.10
Fair value of warrants		$ 933,358
Offering [Member] \| Warrant [Member] \| Maxim Group LLC [Member]
Commision rate (percent)		7.00%

XML 39 R25.htm IDEA: XBRL DOCUMENT

COMMON SHARES (Details) - Offering [Member] - Warrant [Member]	Feb. 15, 2016
Dividend yield	0.00%
Risk-free interest rate	1.20%
Expected term	5 years
Volatility	203.00%

XML 40 R26.htm IDEA: XBRL DOCUMENT

COMMON SHARES (Details 1) - Offering [Member] - Warrant [Member]	Feb. 15, 2016
Dividend yield	0.00%
Risk-free interest rate	1.20%
Expected term	5 years
Volatility	203.00%
Maxim Group LLC [Member]
Dividend yield	0.00%
Risk-free interest rate	1.20%
Expected term	5 years
Volatility	203.00%

XML 41 R27.htm IDEA: XBRL DOCUMENT

DEBENTURES AND NOTES (Details Narrative) - USD ($)		5 Months Ended
DEBENTURES AND NOTES (Details Narrative) - USD ($)	Feb. 03, 2016	Mar. 31, 2016	Nov. 01, 2015
Fair value of warrants		$ 208,597
Senior Debentures [Member]
Number of shares called by warrant			8,000,000
Warrant exercise term		5 years
Debt face amount			$ 3,000,000
Percent exercisable at different pricing			50.00%
Debt interest rate			11.00%
Debt term		2 years
Pledged collateral - common stock			49.00%
Senior Debentures [Member] \| Maxim Group LLC [Member]
Fair value of warrants		$ 116,599
Commision rate (percent)		7.00%
Issuance of warrants for services		4,848,000
Average exercise price		$ 0.0605
Senior Debentures [Member] \| First 50% [Member]
Warrant exercise price			$ 0.05
Senior Debentures [Member] \| Second 50% [Member]
Warrant exercise price			$ 0.075
Warrant [Member]
Number of shares called by warrant	1,500,000
Warrant exercise price	$ 0.06
Warrant exercise term	3 years
Fair value of warrants	$ 87,331

XML 42 R28.htm IDEA: XBRL DOCUMENT

DEBENTURES AND NOTES (Details) - Senior Debentures - Warrants [Member]	Dec. 23, 2015
Dividend yield	0.00%
Risk-free interest rate	1.74%
Expected term	5 years
Volatility	202.00%

XML 43 R29.htm IDEA: XBRL DOCUMENT

DEBENTURES AND NOTES (Details 1) - Senior Debentures - Warrants [Member]	Feb. 03, 2016	Dec. 23, 2015
Dividend yield		0.00%
Risk-free interest rate		1.74%
Expected term		5 years
Volatility		202.00%
Maxim Group LLC [Member]
Dividend yield	0.00%	0.00%
Risk-free interest rate	1.74%	1.74%
Expected term	5 years	5 years
Volatility	203.00%	202.00%

XML 44 R30.htm IDEA: XBRL DOCUMENT

DEBENTURES AND NOTES (Details 2) - Senior Debentures - Warrants [Member]	Feb. 03, 2016	Dec. 23, 2015
Dividend yield		0.00%
Risk-free interest rate		1.74%
Expected term		5 years
Volatility		202.00%
Maxim Group LLC [Member]
Dividend yield	0.00%	0.00%
Risk-free interest rate	1.74%	1.74%
Expected term	5 years	5 years
Volatility	203.00%	202.00%

XML 45 R31.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - USD ($)						3 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jun. 02, 2016	May 18, 2016	Apr. 13, 2016	Mar. 15, 2016	Feb. 01, 2016	Mar. 31, 2016	Mar. 31, 2015
Issuance of shares for services (shares)				85,000	540,000
Issuance of shares for services						$ 385,000	$ 887,000
Issuance of common stock in respect of issuance of convertible notes							$ 484,000
Subsequent Event [Member]
Shares issued in warrant exercises		700,000
Warrant exercise term		1 year 6 months
Warrant exercise price		$ 0.058
Proceeds from warrant exercises		$ 40,600
Issuance of common stock in respect of issuance of convertible notes	$ 145,526
Issuance of common stock in respect of issuance of convertible notes (shares)	13,930,742
Ownership percentage	100.00%
Subsequent Event [Member] \| Consultant [Member]
Issuance of shares for services (shares)			1,000,000
Issuance of shares for services			$ 72,733
Additional shares to be issued as service bonus			1,000,000
Subsequent Event [Member] \| Investment Consultant [Member]
Issuance of shares for services (shares)			875,000
Issuance of shares for services			$ 42,467

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May 18, 2016
Document And Entity Information
Entity Registrant Name	BLUE SPHERE CORP.
Entity Central Index Key	0001419582
Document Type	10-Q/A
Trading Symbol	BLSP
Document Period End Date	Mar. 31, 2016
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE On May 18, 2015, Blue Sphere filed a Current Report on Form 8-K reporting that it had entered into an agreement to acquire one hundred percent (100%) of the share capital of four entities, Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l (collectively, the “SPVs”), that own and operate anaerobic digestion biogas plants for the production of electricity located in Italy (the “May Form 8-K”). The closing of the acquisition of the SPVs was subject to certain conditions precedent, as more fully described in the May Form 8-K, but which included obtaining consent from the acquired parties’ creditor to the acquisition and the resulting change of control, and securing a mezzanine loan facility. Upon attainment of the conditions precedent, the Company closed the acquisition of the SPVs on December 14, 2015 and filed a Current Report on Form 8-K on December 17, 2015 reporting that it had consummated the acquisition of the SPVs. On May 23, 2016, the Company filed a Quarterly Report on Form 10-Q for the period from January 1, 2016 to March 31, 2016 (the “Quarterly Report”). As explained in the Quarterly Report, the interim financial statements and notes thereto contained in the Quarterly Report (the “Quarterly Report Financial Statements”) were not reviewed in accordance with Statement of Auditing Standards No. 100 (“SAS 100”), as required by Rule 10-01(d) of Regulation S-X promulgated under the Securities and Exchange Act of 1934, as amended, due to the inability of UHY to timely verify certain items in the SPVs’ financial statements and, consequently, the inability of Deloitte to complete its review of the Company’s Quarterly Report Financial Statements. On June 13, 2016 the Company filed Amendment No. 1 on Form 10-Q/A to (i) file the Quarterly Report Financial Statements that have been reviewed in accordance with SAS 100 as required by Rule 10-01(d) and (ii) amend and restate Item 2 of Part 1, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, of the Quarterly Report based on the Quarterly Report Financial Statements filed herewith. In addition, the Company has updated the “Explanatory Note,” Item 2 of Part 2, “Unregistered Sales of Equity Securities and Use of Proceeds,” Item 5 of Part 2, “Other Information”, the signature page, the certifications of its Chief Executive Officer and Chief Financial Officer in Exhibits 31.1 and 32.1 and Exhibits 31.2 and 32.2, respectively, and the Company’s financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. As explained in the Quarterly Report as amended, the interim financial statements and notes contained in the Amended Quarterly Report (the “Quarterly Report Financial Statements”), the Company accounted for the acquisition of the SPVs using the purchase method of accounting. Under this method, the Company allocated the purchase price to tangible and intangible assets acquired and liabilities assumed based on estimated fair values at the date of acquisition, with the excess of the purchase price amount being allocated to goodwill. The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to (i) file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016. The restatement reflects application of the equity method of accounting for those investments because the Framework EBITDA Guarantee Agreement between the Company and Austep S.p.A. (“Austep”), whereby Austep operates, maintains and supervises each biogas plants prevents us from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company is filing this Amendment No. 2 (this “amendment”) on Form 10-Q/A to (i) file interim financial statements for the period from January 1, 2016 to March 31, 2016 to reflect the restatement of its consolidated financial statements for the period from January 1, 2016 to March 31, 2016 due to the application of the equity method of accounting for the investments in Agricerere S.r.l., Agrielektra S.r.l., Agrisorse S.r.l. and Gefa S.r.l. The Company applied the equity method because the Framework EBITDA Guarantee Agreement between the SPVs and Austep S.p.A. (“Austep”) whereas Austep operates, maintains and supervises each biogas plants prevents the Company from exercising a controlling influence over operating policies of the plants. Under this method, our equity investment is reflected as an investment in non-consolidated subsidiaries on our Condensed Balance Sheets and the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Operations. The Company believes that, while the financial statements reflect substantial modifications, the revenues and expenses previously reported are now reflected in a line item for the Company’s non-consolidated wholly-owned subsidiaries and the modifications result in no impact to the Company's operational results. Therefore the modifications are substantially a matter of presentation. In addition, this amendment includes modifications (i) to reflect the interest expense on the unpaid balance of the Purchase Price due the acquisition of the SPVs, (ii) to reclassify the proceeds from an offering which were previously recorded as current liability as proceeds on account of shares in Shareholders Deficiency, (iii) to reflect the effects of accounting and reporting errors in calculation of shares for services and other expense, and (iv) to amend our disclosure in Part I, Item 4 “Controls and Procedures,” of the Original Report to change the conclusions of our principal executive officer and principal financial officer regarding the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended March 31, 2016 in light of management’s conclusion that the Company’s internal control over financial reporting contained a material weakness at March 31, 2016 which will be remediated by the end of the fiscal year ending December 31, 2016. These accounting and reporting errors and the related adjustments resulted in an understatement of net loss of $310 thousand for the period from January 1, 2016 to March 31, 2016 and an understatement of proceeds on account of shares of $145 thousand, an understatement of additional paid-in capital of $348 thousand, an overstatement of accumulated other comprehensive income of $15 thousand and overstatement of accumulated deficit of $301 thousand as of March 31, 2016. Except as described above, this Amendment No. 2 on Form 10-Q/A does not amend any other information set forth in the Quarterly Report. However, for the convenience of the reader, this Amendment No. 1 on Form 10-Q/A restates in its entirety, as amended, the Quarterly Report. This Amendment No. 1 on Form 10-Q/A is presented as of the filing date of the Quarterly Report and does not reflect events occurring after that date, or modify or update information in the Quarterly Report, except as described above.
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		219,817,675
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2016