Annual report pursuant to section 13 and 15(d)

INCOME TAXES (Details)

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INCOME TAXES (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Deferred tax assets:    
Organization costs $ 0 $ 733
Research and development credit carryforward 6,188 [1] 6,188 [1]
Net operating loss carryforwards 5,207,759 2,329,829
Other 147,003 132,482
Total deferred tax assets 5,360,950 2,469,232
Valuation allowance (5,360,950) (2,469,232)
Net deferred tax assets $ 0 $ 0
[1] The Company has incurred research and development (“R&D”) expenses, a portion of which may qualify for tax credits. The Company has not conducted an R&D credit study to quantify the amount of credits and has not claimed an R&D credit on its federal tax returns filed except for $6,188 in 2007. The Company may conduct the study in future years and may establish the R&D credit carryforward for prior years. In such event, the net operating loss carryforward will be correspondingly reduced by the amount of the credit.