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BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2013

BASIS OF PRESENTATION (Tables)

Presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share

		For the Three Months								For the Nine Months
		Ended September 30,								Ended September 30,
		2013				2012				2013				2012
Net (loss) income		$	(2,302,031	)		$	1,295,483			$	(9,578,163	)		$	5,861,760
Basic weighted-average common shares outstanding			43,579,557				43,560,305				43,579,557				43,560,305
Effect of dilutive securities:
Warrants			-				-				-				-
Options			-				-				-				-
Diluted weighted-average common shares outstanding			43,579,557				43,560,305				43,579,557				43,560,305
Basic (loss) earnings per share		$	(0.05	)		$	0.03			$	(0.22	)		$	0.13
Diluted (loss) earnings per share		$	(0.05	)		$	0.03			$	(0.22	)		$	0.13

Potential common shares were not included in the computation of diluted earnings per share

		For the Three Months								For the Nine Months
		Ended September 30,								Ended September 30,
		2013				2012				2013				2012
Warrants with exercise prices of $3.00 to $3.80 per share			-				150,000				-				150,000
Options with an exercise price of $2.54 to $3.47 per share			-				50,000				-				50,000
Total			-				200,000				-				200,000