INCOME TAXES

12 Months Ended

Dec. 31, 2012

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 15 – INCOME TAXES

During 2012 and 2011, the Company incurred net losses, and therefore had no tax liability.  The net deferred tax asset generated by the loss carry forward has been fully reserved.  The cumulative net loss carry forward is approximately $92,296,649 and $86,652,769 for the years ended December 31, 2012 and 2011 respectively, and will expire in the years 2020 through 2031.

At December 31, 2012, the net deferred tax asset consisted of the following:

Net operating loss	$	31,380,861
Less: Valuation allowance		(31,380,861	)
Net deferred tax asset	$	-

After evaluating our own potential tax uncertainties, the Company has determined that there are no material uncertain tax positions that have a greater than 50% likelihood of reversal if the Company were to be audited.  Our tax return for the year ended December 31, 2012 may be subject to IRS audit.