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1. BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2014

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 Six Months
		Ended June 30,								Ended June 30,
		2014				2013				2014				2013
Net loss		$	(8,642,950	)		$	(4,463,825	)		$	(11,033,443	)		$	(7,276,132	)
Basic weighted-average common shares outstanding			43,579,557				43,579,557				43,579,557				43,579,557
Effect of dilutive securities:
Warrants			-				-				-				-
Options			-				-				-				-
Diluted weighted-average common shares outstanding			43,579,557				43,579,557				43,579,557				43,579,557
Basic loss per share		$	(0.20	)		$	(0.10	)		$	(0.25	)		$	(0.17	)
Diluted loss per share		$	(0.20	)		$	(0.10	)		$	(0.25	)		$	(0.17	)

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

		For the Three Months								For the Six Months
		Ended June 30,								Ended June 30,
		2014				2013				2014				2013
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