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EQUITY
3 Months Ended
Sep. 30, 2012
EQUITY [Abstract]  
EQUITY

NOTE 3- EQUITY:

 

On August 1, 2012, the Company's board of directors issued to a consultant options with certain market conditions to purchase 200,000 shares of common stock at an exercise price of $1.18 per share, the closing price of the common stock on the date of grant.

 

On August 27, 2012, the Company's board of directors issued to a member of the immediate family of the CEO options to purchase 243,483 shares of common stock at an exercise price of $1.45 per share, the closing price of the common stock on the date of grant. See Note 8.

 

On August 27, 2012, the Company's board of directors approved the extension of 121,740 options previously granted to a member of the immediate family of the CEO. The options were supposed to expire on October 2, 2012. Following the extension, the options can be exercised until September 30, 2014.

 

During the three months ended September 30, 2012, the Company issued a total of 436,742 shares of its common stock in connection with the exercise of 436,742 options and warrants. The Company received aggregate cash proceeds equal to approximately $432,000 in connection with such exercises.

 

Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of ordinary shares outstanding during the period. The calculation of diluted net loss per share excludes potential ordinary shares as the effect is anti-dilutive. Potential ordinary shares are comprised of incremental ordinary shares issuable upon the exercise of share options, warrants and convertible loans.

 

For the three month periods ended September 30, 2012 and 2011, all ordinary shares underlying outstanding options, warrants and convertible loans have been excluded from the calculation of the diluted loss per share since their effect was anti-dilutive. The total number of ordinary shares related to outstanding options, warrants and convertible loans excluded from the calculations of diluted loss per share were 32,190,854 and 17,122,793 for the three month periods ended September 30, 2012 and 2011, respectively.