LOSS PER SHARE

9 Months Ended

12 Months Ended

Sep. 30, 2011

Dec. 31, 2010

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4 - LOSS PER SHARE

The following table presents the shares used in the basic and diluted loss per common share computations:

													From
	Three Months Ended						Nine Months Ended						April 23, 2002
	September 30,						September 30,						(Inception) To
	2011			2010			2011			2010			September 30, 2011
Numerator
Net Loss available in basic and diluted calculation	$	(654,114	)	$	(158,110	)	$	(1,518,933	)	$	(956,180	)	$	(8,901,010	)
Denominator
Weighted average common shares oustanding-basic		27,236,303			13,159,639			22,193,681			12,428,401			5,136,012
Effect of dilutive stock options and warrants (1)		-			-			-			-			-
Weighted average common shares outstanding-diluted		27,236,303			13,159,639			22,193,681			12,428,401			5,136,012
Loss per common share-basic and diluted	$	(0.02	)	$	(0.01	)	$	(0.07	)	$	(0.08	)	$	(1.73	)

(1) The number of shares underlying options and warrants outstanding as of September 30, 2011 and September 30, 2010 are 31,298,440 and 12,027,714, respectively. The effect of the shares that would be issued upon exercise of such options and warrants has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive.

NOTE 5 - LOSS PER SHARE

The following table presents the shares used in the basic and diluted loss per common share computations:

					From
	Twelve Months Ended				April 23, 2002
	December 31,				(Inception) To
	2010		2009		December 31, 2010
Numerator
Net Loss available in basic and diluted calculation	$	1,352,709	$	2,892,230	$	7,382,077
Denominator
Weighted average common shares outstanding-basic		12,771,683		9,475,369		3,605,195
Effect of dilutive stock options and warrants (1)		-		-		-
Weighted average common shares outstanding-diluted		12,771,683		9,475,369		3,605,195
Loss per common share-basic and diluted	$	0.11	$	0.31	$	2.05

(1) The number of options and warrants outstanding as of December 31, 2010 and December 31, 2009 are 14,169,143 and 8,868,987 respectively. The effect of the shares that would be issued upon exercise has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive.