EQUITY (Tables)

3 Months Ended

Mar. 31, 2014

EQUITY [Abstract]

Schedule of Fair Value Assumptions

The assumptions utilized to determine the fair value of options granted during the three months ended March 31, 2014 and 2013, are as follows:

	2014			2013
Risk free interest rate		0.79	%		0.79	%
Expected volatility		105	%		105	%
Expected term	5 years			2-5 years
Expected dividend yield		0			0

Schedule of Stock Option Activity

The following tables set forth the activity in the Company's Plan for the three months ended March 31, 2014:

					Weighted
			Weighted		average
	Shares		average		remaining		Aggregate
	under		exercise		contractual		intrinsic
	option		price		life		value
Outstanding at January 1, 2014		50,000	$	1.50			$	-
Granted		2,348,871		0.18		-		-
Exercised		-		-		-		-
Forfeited/cancelled		-		-		-		-
Outstanding at March 31, 2014		2,398,871		0.22		4.62		-
Exercisable at March 31, 2014		50,000	$	1.50		3.99	$	-

Schedule of Nonvested Share Activity

The following table summarizes the activity and value of non-vested options as of and for the three months ended March 31, 2014:

				Weighted
				average
	Number of			grant date
	options			fair value
Non-vested options outstanding at January 1, 2014		25,000		$	0.96
Granted		2,348,871			0.20
Vested		(25,000	)		0.96
Forfeited/cancelled		-			-
Non-vested options outstanding at March 31, 2014		2,348,871		$	0.20