PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following as of:

	September 30, 2012			December 31, 2011
Building, building improvements, and land	$	—		$	1,224,962
Furniture, fixtures, vehicles and equipment		165,644			104,928
		165,644			1,329,890
Less:  accumulated depreciation and amortization		(104,269	)		(223,227	)
	$	61,375		$	1,106,663

On August 16, 2012 the Company’s real estate was sold through a court ordered auction for approximately $824,000, an amount approximately $300,000 less than the final judgment amount. At the time of the sale, carrying value of the building, building improvements, and land was $1,641,075, mortgage balance was $1,053,997, accrued interest was $15,609, and accrued real estate taxes was $45,006. After reversing all amounts associated with the foreclosed property and recording $300,569 adjustment for difference between the sale and final judgment amount the Company recorded a $307,108 loss on foreclosure. This adjustment and loss are an estimate and are pending final resolution with the mortgage lender who both foreclosed and purchased the property. Until such time as resolution the Company continues to occupy the property, has not received notice to vacant, and is working out final terms with the bank on a lease See Note 22. SUBSEQUENT EVENTS related to execution of lease on property.