STOCKHOLDERS EQUITY (Tables)

6 Months Ended

Jun. 30, 2013

SCHEDULE OF ALLOCATION OF THE PROCEEDS FROM THE PRIVATE PLACEMENT [Table Text Block]

The following table sets out the allocation of the proceeds from the Private Placement:
Proceeds of the private placement on June 7, 2010	$	3,524,342
Allocation of proceeds to Series C Warrants to investors		(718,698	)
Allocation of proceeds to beneficial conversion feature		(1,143,198	)
Amortization of discount resulting from the accounting for a beneficial conversion feature		1,143,198
Convertible Series A Preferred Stock (net of fees and expenses) at December 31, 2010		2,805,644
Preferred stock converted into common stock		(85,546	)
Convertible Series A Preferred Stock at December 31, 2011		2,720,098
Preferred stock converted into common stock		(689,392	)
Convertible Series A Preferred Stock at December 31, 2012 and June 30, 2013	$	2,030,706
Proceeds of the private placement on June 28, 2010	$	2,121,938
Allocation of proceeds to Series C Warrants to investors		(418,668	)
Allocation of proceeds to beneficial conversion feature		(644,532	)
Amortization of discount resulting from the accounting for a beneficial conversion feature		644,532
Convertible Series A Preferred Stock (net of fees and expenses) at December 31, 2010		1,703,270
Preferred stock converted into common stock		(1,052,162	)
Convertible Series A Preferred Stock at December 31, 2011		651,108
Preferred stock converted into common stock		(104,490	)
Convertible Series A Preferred Stock at December 31, 2012 and June 30, 2013	$	546,618

SCHEDULE OF RECONCILIATION OF THE WARRANT LIABILITIES [Table Text Block]

		Warrant
		liabilities
Balance at January 1, 2012	$	144,411
Change in fair value included in earnings		(144,238	)
Balance at December 31, 2012		173
Change in fair value included in earnings		(173	)
Balance at June 30, 2013	$	-

SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING [Table Text Block]

				Weighted
	Number of			Average	Average Remaining
	underlying			Exercise	Contractual Life
	shares			Price	(years)
Balance, January 1, 2012	1,588,501			3.50	1.29
Granted
Forfeited	(500,000	)		3.63	-
Exercised	-			-	-
Outstanding at December 31, 2012	1,088,501		$	3.44	0.45
Granted	-			-	-
Forfeited	(1,088,501	)		3.44	-
Exercised	-			-
Outstanding at June 30, 2013	-		$	-	-
Exercisable at June 30, 2013	-		$	-	-