LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2014

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:

					Period from April 23,
					2002 (Inception) to
	Three Months Ended March 31,				March 31,
	2014		2013		2014
Numerator:
Net loss available in basic and diluted calculation	$	(1,616,993)	$	(2,101,525)	$	(30,314,408)

Denominator:
Weighted average common shares outstanding-basic		221,223,793		107,824,939		22,187,340

Effect of diluted stock options and warrants (1)		-		-		-

Weighted average common shares outstanding-basic		221,223,793		107,824,939		22,187,340

Loss per common share-basic and diluted	$	(0.01)	$	(0.02)	$	(1.37)

(1) The number of shares underlying options and warrants outstanding as of March 31, 2014 and March 31, 2013 are 63,960,505 and 84,210,232 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.