STOCK AWARD PAYABLE

6 Months Ended

Jun. 30, 2011

STOCK AWARD PAYABLE [Abstract]

STOCK AWARD PAYABLE

NOTE 5 – STOCK AWARD PAYABLE

In 2007, the Company agreed to grant 150,000 shares in total to an Executive Vice President as part of his employment agreement.  These shares have not been issued and are recorded as a liability on the balance sheet entitled stock awards payable.  The Company reviews the value of the stock award payable and adjusts the carrying value to the market based on the closing price of the Company's common stock on the last day of the quarter.  Any adjustment made to the carrying value of the stock award is recorded as a gain or loss on revaluation of stock awards.

For the three months ended June 30, 2011, the Company realized a loss on the revaluation of the remaining stock award.  For the six months ended June 30, 2011, the Company realized a loss on the revaluation of the remaining stock award.  The value of the outstanding stock awards at June 30, 2011 and December 31, 2010 were $178,000 and $80,000, respectively.