CAPITAL TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2012

Equity [Abstract]

Schedule of Warrants Outstanding and Exercisable

Information with respect to warrants outstanding and exercisable at December 31, 2012 is as follows:

	Number Outstanding	Range of Exercise Price	Number Exercisable
Balance, December 31, 2010	2,024,982	$0.83	2,024,982
Issued	400,000	$0.60	400,000
Expired	(2,024,982)	$0.83	(2,024,982)
Balance, December 31, 2011	400,000	$0.60	400,000
Issued	0	-	0
Expired	(400,000)	$0.60	(400,000)
Balance, December 31, 2012	-	-	-

Schedule of Fair Value of Options using Black - Scholes Model

We used the following assumptions for options granted during the three months ended March 31, 2012:

Expected volatility: 115.31%

Expected lives: 3.5 to 5 Years

Risk-free interest rate: 0.490% - 0.8990%

Expected dividend yield: None

Schedule of Stock Options Outstanding and Exercisable

Information with respect to options outstanding and exercisable at December 31, 2012 is as follows:

	Number Outstanding	Range of Exercise Price	Number Exercisable
Balance, December 31, 2010	9,050,000	-	-
Issued	3,800,000	$0.15	6,250,000
Exercised	-	-	-
Expired	-	-	-
Balance, December 31, 2011	12,850,000	-	-
Issued	950,000	$0.20	12,650,000
Expired	(1,000,000)	$(0.40)	-
Balance, December 31, 2012	12,800,000	-	12,700,000

Schedule of Stock Options Outstanding

The following table summarizes information about the stock options outstanding at December 31, 2012:

Exercise Price	Number Outstanding at December 31, 2012	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price	Number Exercisable at December 31, 2012	Weighted Average Exercise Price
$0.15	5,800,000	5.58	0.15	5,800,000	$0.15
$0.18	6,050,000	4.18	0.18	5,950,000	$0.18
$0.20	950,000	4.03	0.20	950,000	$0.20
	12,800,000	-	-	12,700,000