FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Liabilities measured at fair value on a recurring basis are summarized as follows:

	Fair value measurement using inputs				Carrying amount at December 31,
	Level 1	Level 2		Level 3	2012		2011
Financial instruments:
Warrants derivative		$	1,945,000		$	1,945,000	$	3,355,000

Schedule of Valuation Assumptions

The Company estimates the fair value of the warrants derivative using a binomial lattice model using the following assumptions:

	Fair value measurement using inputs
	December 31, 2012			December 31, 2011
Market price of stock:	$	1.54		$	1.27
Exercise price:	$	2.00		$	2.00
Expected term (years):		4			5
Dividend yield	$	--		$	--
Expected volatility:		83.3	%		89.50	%
Risk-free interest rate:		0.54	%		0.83	%