Derivative Warrants Liabilities

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE WARRANTS LIABILITIES

NOTE 9 – DERIVATIVE WARRANTS LIABILITIES (refer to note 10B1)

A. Fair Value Measurements:

Level 3 Measurements:

As quoted prices in active markets for identical or similar financial instruments are not available, the Company uses directly and indirectly observable inputs in the valuation of its derivative warrant liabilities, based on the Black Scholes Merton formula. The following inputs were used in the fair value measurement of these derivative warrant liabilities:

Weighted average of inputs	As of December 31,
	2018			2017
Share price	$	0.33		$	0.80
Exercise price	$	1.02		$	1.10
Expected volatility		73.7	%		98	%
Risk-free interest		0.48	%		0.11	%
Dividend yield		0	%		0	%
Expected life of up to (years)		0.16			0.82

Issuance Date	Outstanding and Exercisable as of December 31, 2018		Exercise Price Per Share	Exercisable Through
Series A (Mar-2016) (10B(a))		--	NIS 3 ($0.86)	August 2017
Series B (Mar-2016) (10B(a))		9,752,984	NIS 4 ($1.53)	February 2019
Series A (May-2016) (10B(b))		--	NIS 3 ($0.86)	November 2017
Series B (May-2016) (10B(b))		2,028,568	NIS 4 ($1.53)	May 2019
Series E (Oct-2016) (10B(c))		2,687,197	NIS 3 ($0.86)	October 2019

Activity in such liabilities measured on a recurring basis is as follows:

	Series A (Mar-2016)			Series B (Mar-2016)			Series A (May-2016)			Series B (May-2016)			Series E (Oct-2016)			Total
As of December 31, 2016		3			16			3			17			92			131
Exercised		(7,792	)		(1,734	)		(327	)		--			(387	)		(10,240	)
Revaluation of warrants		7,789			2,772			324			321			974			12,180
As of December 31, 2017		--			1,054			--			338			679			2,071
Revaluation of warrants		--			(1,054	)		--			(338	)		(679	)		(2,071	)
As of December 31, 2018		--			--			--			--			--			--

In accordance with ASC-820-10-50-2(g), the Company has performed a sensitivity analysis of the derivative warrant liabilities of the Company which are classified as level 3 financial instruments. The Company recalculated the value of warrants by applying a +/- 5% changes to the input variables in the Black-Scholes model that vary overtime, namely, the volatility and the risk-free rate. A 5.0% decrease or increase in the risk free rate and in the volatility would not have materially changed the value of the warrants; the value of the warrants is not strongly correlated with small changes in interest rates or volatility.