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BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2013

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

The following table is a presentation of the numerators and denominators used in the calculation of basic and diluted (loss) earnings per share:

	For the Years
	Ended December 31,
	2013			2012
Net (loss) income	$	(20,008,049	)	$	4,617,659
Basic weighted-average common shares outstanding		43,579,557			43,579,557
Effect of dilutive securities:
Warrants		-			-
Options		-			-
Diluted weighted-average common shares outstanding		43,579,557			43,579,557
Basic (loss) earnings per share	$	(0.46	)	$	0.11
Diluted (loss) earnings per share	$	(0.46	)	$	0.11

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

The following potential common shares were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive:

	For the Years
	Ended December 31,
	2013		2012
Warrants with exercise prices of $3.00 to $3.80 per share		-		150,000
Options with an exercise price of $2.54 to $3.47 per share		-		50,000
Total		-		200,000