ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2012

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Text Block]

7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following:

		At December 31,
		2012		2011
Accrued payroll expense	$	379,529	$	244,666
Accrued property taxes		1,404,917		984,651
Other accrued liabilities		61,266		86,757
Total	$	1,845,712	$	1,316,074

As of December 31, 2012, other current liabilities of $379,194, that are not included in accrued expenses above, are primarily comprised of $187,500 in related party convertible notes payable to Mr. Ron Hirsch, Chairman of the Company’s Board of Directors, Mr. Stephen Seymour, a Director of the Company, Mr. Ross Beatty, a major shareholder and $183,002 in deferred revenue.