INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Reconciliation of Tax Rate

A reconciliation of our effective income tax rate compared to the U.S. federal statutory rate is as follows:

	Year ended  December 31, 2014			Year ended  December 31, 2013
Provision (benefit) at U.S. federal statutory rate		(35.0	)%		(35.0	)%
State provision (benefit), net of U.S. federal tax		(4.9	)		(4.9	)
Permanent differences		0.9			(0.3	)
Other items		2.5			5.0
Deferred tax valuation allowance		(36.5	)		(35.2	)
Effective income tax rate		0.0	%		0.0	%

Schedule of Deferred Tax Assets

Net deferred tax assets consist of the following:

	December 31, 2014			December 31, 2013
Net federal and state operating loss carryforwards	$	16,912,223		$	15,748,253
Impairment of investments		531,470			531,470
Other, net		767,266			687,426
Deferred tax assets		18,210,959			16,967,149
Valuation allowance		(18,210,959	)		(16,967,149	)
Net deferred tax assets	$	-		$	-

Changes in the Valuation Allowance

Changes in the valuation allowance were as follows:

	Year ended  December 31,  2014		Year ended  December 31,  2013
Balance, beginning of year	$	16,967,149	$	15,997,757
Change in temporary differences		79,840		6,789
Change in net operating and capital losses		1,163,970		962,603
Balance, end of year	$	18,210,959	$	16,967,149