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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:

Building	20 years
Vehicle	2 - 5 years
Office and Other Equipment	2 - 5 years
Software	2 - 3 years

Reconciliation of Basic and Diluted Earnings Per Share

The following table presents a reconciliation of basic and diluted EPS for the years ended December 31, 2012 and 2011:

	2012		2011
Net income for common shares	$	3,406,995	$	21,449,879
Interest accrued on convertible notes*		383,929		168,000
Net income for diluted shares	$	3,622,924	$	21,617,879

Weighted average shares outstanding – basic		47,560,416		42,454,304
Effect of dilutive securities:
Convertible notes		2,663,934		11,976,692
Options granted		812,905		1,612,614

Warrants granted		-		11,780

Weighted average shares outstanding – diluted		51,037,255		56,055,390
Earnings (loss) per share – basic	$	0.07	$	0.51
Earnings (loss) per share – diluted	$	0.07	$	0.39

*

Interest expense on convertible notes was added back to net income for the computation of diluted EPS.

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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