Annual report pursuant to Section 13 and 15(d)

COMMITMENTS (Tables)

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COMMITMENTS (Tables)
12 Months Ended
Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The lease has been extended, in accordance with its terms, through September 14, 2014. Future minimum lease payments under this non-cancelable lease are approximately as follows:

 

Years ended December 31,        
2013   $ 123,000  
2014     94,000  
2015      
Thereafter      
    $ 217,000
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

The following table provides the estimated future minimum rental payments under all capital leases together with the present value of the net minimum lease payments as of December 31, 2012:

 

    Minimum
lease
payments
    Less interest     Present value
of net
minimum
lease
payments
 
2013   $ 2,608     $ 211     $ 2,397  
2014     1,739       45       1,694  
    $ 4,347     $ 256     $ 4,091
Schedule of Capital Leased Assets [Table Text Block]

The equipment recorded under capitalized leases is included in fixed assets as of December 31:

 

    2012     2011  
             
Office equipment   $ 10,973     $ 10,973  
Less accumulated amortization     (7,319 )     (5,123 )
    $ 3,654     $ 5,850