LOSS PER SHARE

12 Months Ended

Dec. 31, 2011

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
	Year Ended						April 23, 2002
	December 31,						(Inception) To
	2011			2010			December 31, 2011
Numerator:
Net loss available in basic and diluted calculation	$	(4,486,879	)	$	(1,352,709	)	$	(11,868,956	)
Denominator:
Weighted average common shares outstanding-basic		24,282,433			12,771,683			5,805,714
Effect of dilutive stock options and warrants (1)		-			-			-
Weighted average common shares outstanding-diluted		24,282,433			12,771,683			5,805,714
Loss per common share-basic and diluted	$	(0.18	)	$	(0.11	)	$	(2.04	)

(1) The number of shares underlying options and warrants outstanding as of December 31, 2011 and December 31, 2010 are 32,679,862 and 14,169,143, 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.