Stock Options

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2012 and the three months ended September 30, 2011, and $17,043 for the nine months ended September 30, 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 nine months ended September 30, 2012.

The following table summarized options outstanding at September 30, 2012

	Number of Shares	Weighted Average Exercise Price
Balance, December 31, 2011	425,965	$	1.82
Granted	—	—
Forfeited	6,000	1.60
Exercised	—	—
Outstanding options at end of quarter	419,965	1.82
Outstanding exercisable options at end of quarter	419,965	1.82

The intrinsic value of outstanding and exercisable options at September 30, 2012 was approximately $80,000.