Stock Options

3 Months Ended

Mar. 31, 2012

STOCK OPTIONS [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

STOCK OPTIONS

In accordance with ASC 718, the Company had no stock option expense for the three months ended March 31, 2012 and $8,522 for the same period in 2011. The Company uses the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. The Company did not issue any stock options for the three months ended March 31, 2012.

The following table summarized options outstanding at March 31, 2012

	Number of Shares	Weighted Average Exercise Price
Balance, December 31, 2011	425,965	$	1.82
Granted	—	—
Forfeited	—	—
Exercised	—	—
Outstanding options at end of quarter	425,965	1.82
Outstanding exercisable options at end of quarter	425,965	1.82

The intrinsic value of outstanding and exercisable options at March 31, 2012 was approximately $72,000 .