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padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font></font></strong></font></td> <td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font></font></strong></font></td> <td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="3"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font></font></strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: 10pt; font-family: 'times new roman'; padding: 0px; width: 80%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Contractual interest expense</font></td> <td style="font-family: 'times new roman'; padding: 0px; width: 0%;"></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">$</font></td> <td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">888</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; 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padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">444</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: 10pt; font-family: 'times new roman'; 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font-family: 'Times New Roman', Times, serif;">The following table illustrates the effect of share-based compensation on the statement of operations:</font> <div class="CursorPointer" align="center"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 80%; margin-left: 0.1px; margin-right: 0.1px;"> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"></td> <td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td> <td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Year ended December 31,</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; 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padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; 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width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td> <td style="font-family: 'Times New Roman';"></td> <td style="text-align: left; 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font-family: 'times new roman', times;">$</font></td> <td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,655</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">$</font></td> <td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">936</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Marketing, General and administrative expenses</font></td> <td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; 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font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">79,123</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; 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padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">$</font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3.951</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5,870,309</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; 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font-family: 'times new roman', times;">1,394,708</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">970,208</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: center; font-family: 'times new roman';" width="50%"><font style="font-size: 10pt; font-family: 'times new roman', times;">Changes during the year:</font></td> <td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: center; font-family: 'times new roman';" width="50%"><font style="font-size: 10pt; font-family: 'times new roman', times;">Granted</font></td> <td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; 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white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: center; padding-left: 15.95pt; font-family: 'times new roman';" width="50%"><font style="font-size: 10pt; font-family: 'times new roman', times;">Vested</font></td> <td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">102,084</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">406,666</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">398,375</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: center; padding-bottom: 1pt; padding-left: 15.95pt; font-family: 'times new roman';" width="50%"><font style="font-size: 10pt; font-family: 'times new roman', times;">Forfeited</font></td> <td style="padding-bottom: 1pt; 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font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">17,834</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; 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font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>of</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>&#160;</strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>exercise</strong></font></td> <td nowrap="nowrap" style="font-family: 'times new roman'; 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font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; 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padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5,916</font></font></td> <td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td> <td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; 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(*) The total intrinsic value of options exercised during the year ended December 31, 2012 was approximately $2.3 million. Includes federal, state and local (or similar provincial jurisdictions) tax positions.