STOCK AWARD PAYABLE

3 Months Ended

Mar. 31, 2014

STOCK AWARD PAYABLE [Abstract]

STOCK AWARD PAYABLE

NOTE 5 - STOCK AWARD PAYABLE

The stock award payable amount relates to 100,000 shares issuable, but not issued, under a 2007 employment agreement.  The Company believes that it has good defenses against any demand to issue the shares, including the expiration of the time for instituting suit under the statue of limitations, but the Company is not able to remove the liability until released by the former employee or by judicial decree.  As such, the Company recorded the stock grant as a liability and revalues it based on the quoted price of the Company's stock at the end of each period.  The Company continues to explore its options to resolve this outstanding issue. The value of the outstanding stock awards at March 31, 2014 and December 31, 2013 were $72,000 and $110,000, respectively, thus resulting in a $38,000 gain on the revaluation of the remaining stock award for the three months ended March 31, 2014.  See Note 12 for Subsequent Event in May 2014.