LOSS PER SHARE (Table)

6 Months Ended

12 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

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

	Three Months Ended June 30,						Six Months Ended June 30,						Period from April 23, 2002 (Inception) to June 30,
	2012			2011			2012			2011			2012
Numerator:
Net loss available in basic and diluted calculation	$	(2,135,775	)	$	(388,106	)	$	(2,849,142	)	$	(864,819	)	$	(14,718,098	)
Denominator:
Weighted average common shares outstanding-basic		54,656,895			22,659,526			44,619,113			19,630,580			7,920,827
Effect of diluted stock options and warrants (1)					-			-
Weighted average common shares outstanding-diluted		54,656,895			22,659,526			44,619,113			19,630,580			7,920,827
Loss per common share-basic and diluted	$	(0.04	)	$	(0.02	)	$	(0.06	)	$	(0.04	)	$	(1.86	)

(1) The number of shares underlying options and warrants outstanding as of June 30, 2012 and June 30, 2011 are 32,408,692 and 24,679,688 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.

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	)