LOSS PER SHARE (Tables )

3 Months Ended

Mar. 31, 2013

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 March 31,						Period from April 23, 2002 (Inception) to March 31,
	2013			2012			2013
Numerator:
Net loss available in basic and diluted calculation	$	(2,101,525	)	$	(713,367	)	$	(21,392,636	)
Denominator:
Weighted average common shares outstanding-basic		107,824,939			32,664,003			13,955,057
Effect of diluted stock options and warrants (1)		-			-			-
Weighted average common shares outstanding-basic		107,824,939			32,664,003			13,955,057
Loss per common share-basic and diluted	$	(0.02	)	$	(0.02	)	$	(1.53	)

(1) The number of shares underlying options and warrants outstanding as of March 31, 2013 and March 31, 2012 are 84,210,232 and 31,736,049 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.