EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Common Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three month period ended June 30, 2013 and 2012:

	June 30,		June 30,
	2013		2012
Net (loss) income attributed to common shareholders	$	(445,955)	$	141,767
Denominator for basic earnings per		39,794,189		29,257,426
share-weighted average shares outstanding
Effect of dilutive securities:
Warrants, restricted stock and options outstanding		-		-
Denominator for diluted earnings per common share - weighted average     shares adjusted for dilutive securities		39,794,189		29,257,426
(Loss) income per common share – basic	$	(0.01)	$	0.00
(Loss) income per common share- diluted	$	(0.01)	$	0.00

The following table sets forth the computation of basic and diluted earnings per common share for the six month period ended June 30, 2013 and 2012:

	June 30,		June 30,
	2013		2012
Net loss attributed to common shareholders	$	(2,959,158)	$	(1,980,990)
Denominator for basic earnings per     share-weighted average shares outstanding		38,059,566		27,991,393
Effect of dilutive securities:
Warrants, restricted stock and options outstanding		-		-
Denominator for diluted earnings per common share - weighted average      shares adjusted for dilutive securities		38,059,566		27,991,393
Loss per common share – basic	$	(0.08)	$	(0.07)
Loss per common share- diluted	$	(0.08)	$	(0.07)

Schedule Outstanding Excluded from Computation Because they would have bee Anti-dilutive

Securities outstanding that were excluded from the computation because they would have been anti-dilutive are as follows:

	June 30,		June 30,
	2013		2012
Warrants (including Series C Warrant issuable upon exercise of Series B     Warrant of 1,101,034)		24,097,860		11,007,754
Convertible debt (including warrants issuable upon conversion of 371,000     at June 30, 2013 and 2,888,800 at June 30, 2012)		742,000		5,296,133
Restricted stock		500,000		550,000
Options		680,000		450,000
		26,019,860		17,303,887