STOCK OPTIONS AND WARRANTS (Tables)

12 Months Ended

Dec. 31, 2013

STOCK OPTIONS AND WARRANTS [Abstract]

Schedule of Transactions Involving Stock Options or Warrants

Transactions involving stock options or warrants issued to employees, consultants, officers and directors of the Company in 2013 are summarized as follows:

	Number of Shares		Weighted Average Price Per Share
Outstanding at December 31, 2011		5,050,000	$	0.39
Granted		3,750,000	$	0.153
Exercised		-		-
Cancelled or expired		-		-
Outstanding as of December 31, 2012		8,800,000	$	0.289
Granted		-		-
Exercised		-		-
Cancelled or expired		-		-
Outstanding as of December 31, 2012		8,800,000	$	0.289

Schedule of Weighted-Average Assumptions Used

The weighted-average fair value of stock options or warrants granted to employees and consultants during the year ended December 31, 2012, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes option pricing model are as follows:

Significant assumptions (weighted-average):	$0.0153
Risk-free interest rate at grant date	0.15%
Expected stock price volatility	52%
Expected dividend payout	0%
Expected option life (in years)	5 years