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SHARE BASED COMPENSATION
 3 Months Ended
Mar. 31, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

6. SHARE BASED COMPENSATION

 

The Company accounts for the issuance of equity awards to employees in accordance with ASC Topic 718 and 505, which requires that the cost resulting from all share based payment transactions be recognized in the financial statements. These pronouncements establish fair value as the measurement objective in accounting for share based payment arrangements and requires all companies to apply a fair value based measurement method in accounting for all share based payment transactions with employees.

 

Stock based compensation expense for the three months ended March 31, 2012 and 2011 is as follows:

 

    Three Months Ended  
    March 31,  
    2012     2011  
             
Stock Options   $ 23,218     $ 35,387  
Restricted Stock     -       29,896  
    $ 23,218     $ 65,283  

 

Stock based compensation included in operating expenses is as follows:

 

    Three Months Ended  
    March 31,  
    2012     2011  
             
Selling   $ 3,860     $ 7,982  
General and administrative     9,263       39,402  
Research & development     10,095       17,899  
    $ 23,218     $ 65,283