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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2013

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 three months ended March 31, 2013 and 2012:

	2013		2012
Net income for common shares	$	3,298,190	$	2,022,565
Interest accrued on convertible notes*		179,183		238,362
Net income for diluted shares	$	3,477,373	$	2,260,927

Weighted average shares outstanding – basic		50,224,350		46,474,350
Effect of dilutive securities:
Convertible notes				5,641,969
Options granted		721,556		893,494

Weighted average shares outstanding – diluted		50,945,906		53,009,813
Earnings (loss) per share – basic	$	0.07	$	0.04
Earnings (loss) per share – diluted	$	0.07	$	0.04

*

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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