EQUITY BASED YEAR END BONUSES AND CONVERSION OF BOARD OF DIRECTORS' LIABILITY

9 Months Ended

Sep. 30, 2012

Equity Based Year End Bonuses and Conversion Of Board Of Directors Liability [Abstract]

Equity Based Year End Bonuses and Conversion Of Board Of Directors Liability [Text Block]

20. EQUITY BASED YEAR END BONUSES AND CONVERSION OF BOARD OF DIRECTORS’ LIABILITY

On March 6, 2012, the Board of Directors authorized an aggregate of $215,000 in bonuses for payment in stock to employees, consultants, and Board of Directors for the year ended December 31, 2011, for service in 2011. Of this amount the Chief Executive Officer and the non-employee Board of Directors were awarded, $36,000 and $53,000, respectively. In addition, an incremental $45,000 due the non-employee Board of Directors for service on the Board from April to December 2011, was converted to stock payable in lieu of cash settlement. The combined amount of stock issuable under these transactions is 9,629,630 and is based on the closing price of the Company’s stock on March 5, 2012 of $.027 per share. Since the transactions are for 2011 services, the Company applied retroactive statement to the consolidated financial statements as of and for the years ended December 31, 2011 and 2010.