NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Nature Of Business And Summary Of Accounting Policies Tables

Comparative effect of the change in accounting principle to consolidated balance sheet

The following table presents the comparative effect of the change in accounting principle and its impact on key components of the Company’s consolidated balance sheet as of December 31, 2011:

	December 31, 2011
	As Previously			As
	Reported			Revised
Marketable securities held in related party	$	480,000		$	--
Total current assets		661,520			181,520
Equity method investments held in related party		--			737,377
Total assets		705,728			963,105
Accumulated deficit		(8,237,730	)		(7,980,353	)
Total stockholders’ equity		234,603			491,980
Total liabilities and stockholders’ equity	$	705,728		$	963,105

Comparative effect of the change in accounting principle to consolidated statement of operations

The following table presents the comparative effect of the change in accounting principle and its impact on key components of the Company’s consolidated statement of operations for the year ended December 31, 2011:

	Year Ended
	December 31, 2011
	As Previously			As
	Reported			Revised
Unrealized loss on marketable securities	$	(1,730,600	)	$	(1,435,600	)
Loss on equity method investment in related party		--			(37,623	)
Total other expense		(1,834,810	)		(1,577,455	)
Net loss		(2,279,171	)		(2,021,794	)
Net loss attributable to common stockholders	$	(2,879,171	)	$	(2,621,794	)

Comparative effect of the change in accounting principle to consolidated statement of cash flows

The following table presents the comparative effect of the change in accounting principle and its impact on key components of the Company’s consolidated statement of cash flows for the year ended December 31, 2011:

	Year Ended
	December 31, 2011
	As Previously			As
	Reported			Revised
Cash flows from operating activities:
Net loss	$	(2,279,171	)	$	(2,021,794	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Unrealized loss on related party marketable securities		295,000			--
Marketable securities received for related party revenue		(581,781	)		--
Securities held in related party equity method investee received for related party revenue		--			(581,781	)
Loss on equity method investments held in related party	$	--		$	37,623