| SHAREHOLDERS' EQUITY |
| NOTE 8:- |
SHAREHOLDERS' EQUITY
|
Ordinary shares confer upon their holders the right to receive notice to participate and vote in general meetings of the Company, and the right to receive dividends if declared.
The Company’s shares are traded in the over-the-counter market in the OTCQB Marketplace.
|
b. |
Options issued to employees and directors:
|
As of December 31, 2017, the Company had two Incentive Share Option Plans (the 2003 and 2012 plans) under which options are outstanding. The 2003 and 2012 plans provide for the grant of options to officers, management, employees and key employees, directors, consultants and others. The options granted generally become fully exercisable after four years and expire 7 years from the grant date. Any options from the 2003 and 2012 plans that are forfeited or canceled before expiration become available for future grants.
Pursuant to the option plans, the exercise price of options shall be determined by the Company's Board of Directors or the Company's compensation committee but may not be less than the fair value of the Ordinary share on the grant date.
As of December 31, 2017, an aggregate of 588,261 Ordinary shares of the Company were still available for future grant under the Incentive Share Option Plans.
A summary of the Company's option activity and related information with respect to options granted to employees and directors for the year ended December 31, 2017 is as follows:
| |
|
Number of options
|
|
|
Weighted-average exercise price
|
|
|
Weighted- average remaining contractual term
(in years)
|
|
|
Aggregate intrinsic value
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at the beginning of the year
|
|
|
671,714
|
|
|
$
|
2.85
|
|
|
|
4.13
|
|
|
$
|
1,534
|
|
|
Granted
|
|
|
268,043
|
|
|
$
|
4.04
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(12,635
|
)
|
|
$
|
3.20
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(24,753
|
)
|
|
$
|
4.53
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at end of year
|
|
|
902,369
|
|
|
$
|
3.12
|
|
|
|
4.21
|
|
|
$
|
1,267
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable options at end of year
|
|
|
464,491
|
|
|
$
|
2.42
|
|
|
|
1.96
|
|
|
$
|
971
|
|
The total intrinsic value of stock options exercised during 2017, 2016 and 2015 was $ 26, $ 264 and $ 73, respectively.
|
c. |
Options issued to consultants:
|
The Company's outstanding options to consultants as of December 31, 2017, were as follows:
|
Grant date
|
|
|
Options for Ordinary shares
|
|
|
Exercise price per share
|
|
|
Options exercisable
|
|
|
Exercisable through
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October, 2015
|
|
|
|
54,075
|
|
|
$
|
4.52
|
|
|
|
30,418
|
|
|
October, 2022
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
54,075
|
|
|
|
|
|
|
|
30,418
|
|
|
|
|
|
|
d. |
As of December 31, 2017, there was $ 779 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company's stock option plans. That cost is expected to be recognized over a weighted-average period of 1.58 years.
|
|
e. |
Stock-based compensation expense:
|
The following table presents the stock-based compensation included in the line items below in the Company's consolidated statements of operations:
| |
|
Year ended December 31,
|
|
| |
|
2017
|
|
|
2016
|
|
|
2015
|
|
| |
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
$
|
38
|
|
|
$
|
26
|
|
|
$
|
19
|
|
|
Research and development
|
|
|
10
|
|
|
|
16
|
|
|
|
19
|
|
|
Sales and marketing
|
|
|
62
|
|
|
|
82
|
|
|
|
45
|
|
|
General and administrative
|
|
|
100
|
|
|
|
445
|
|
|
|
61
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
210
|
|
|
$
|
569
|
|
|
$
|
144
|
|
|
f. |
In 2008, the Company purchased a total of 1,111,796 of its Ordinary shares pursuant to a share repurchase program as well as a self-tender offer conducted by the Company. Such shares are held by the Company as treasury shares and are presented at cost. Under the Companies Law for so long as such treasury shares are owned by the Company they have no rights and, accordingly, are neither eligible to participate in or receive any future dividends which may be paid to the Company's shareholders nor are they entitled to participate in, be voted at or be counted as part of the quorum for, any meetings of shareholders.
|
|
g. |
On November 14, 2016, as part of a securities purchase agreement, the Company issued 261,287 Ordinary shares, nominal value NIS 0.04 per share, at an offering price of $ 5.25 per share. As of December 2017, the Company received total proceeds of $ 1,252, net of $ 120 issuance expenses.
|
|
h. |
On December 27, 2017, as part of a securities purchase agreement, the Company issued 1,264,045 Ordinary shares, nominal value NIS 0.04 per share, at an offering price of $ 3.56 per share. As of December 31, 2017, the Company received total proceeds of $ 3,984, net of $ 17 issuance expenses, and the remaining $ 500 were received in January 2018.
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