SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

The Company issued 1,908,602 shares of compensation shares to a management employee in lieu of $35,500 cash compensation for services rendered during the fourth quarter of 2012 which had been recorded at a value of $1,908.60 in stock based compensation based upon individual tax election made by the recipient. The shares were awarded on Restricted Stock Agreements which have a six month time lapse restriction and are subject to forfeiture upon voluntary termination of employment.

The Company’s independent directors annual compensation is $16,000 to be paid quarterly in restricted stock. The Company issued the two directors a total of 423,280 shares of restricted stock on January 1, 2013 for their fourth quarter 2012 compensation. The Company recorded $4,000 in stock based compensation for each of its two independent directors.