Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

COMMITMENT AND CONTINGENT LIABILITIES (Tables)

v3.7.0.1
COMMITMENT AND CONTINGENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Royalty Payment Rate [Table Text Block]
According to the license agreement, future royalties would be paid to the licensors based on the following royalty rates:
 
On net sales of:
 
%
 
⋅ leukemia related products
 
 
3.0
 
⋅ other products
 
 
2.5
 
⋅ in certain limited circumstances, rates may be reduced to
 
 
2.0
 
 
On fixed sublicense income (with no sublicense income on sales by sub licensee):
 
%
 
⋅ leukemia related products
 
 
20.0
 
⋅  other products
 
 
15.0
 
 
On fixed sublicense income (with sublicense income on sales by sub licensee):
 
%
 
⋅  leukemia related products
 
 
10.0
 
⋅  other products
 
 
7.5
 
Other Commitments [Table Text Block]
Without any connection to the Company’s income, the Company is required to pay minimum royalties to the Licensors according to the following schedule (subject to the termination clause described below):
 
1.  Year 2015 - $10,000
2.  Year 2016 - $25,000
3.  Year 2017 and on - $50,000 per year.