Quarterly report pursuant to Section 13 or 15(d)

Debt Issuance Costs

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Debt Issuance Costs
3 Months Ended
Mar. 31, 2014
Debt Issuance Costs [Abstract]  
Debt Issuance Costs
6.           Debt Issuance Costs
 
Debt issuance costs consisted of the following at March 31, 2014 and December 31, 2013:
 
   
2014
   
2013
 
Financial advisor fee
  $ 108,000     $ 108,000  
Legal fees
    35,466       15,466  
Fair value of warrants issued (as disclosed in Note 10 )
    11,024       11,024  
      154,490       134,490  
Less: accumulated amortization
    (112,075 )     (89,660 )
    $ 42,415     $ 44,830  
 
Amortization expense of debt issuance costs for the three months ended March 31, 2014 and 2013 amounted to $22,415 and $22,415, respectively, and is included in interest expense on the accompanying condensed consolidated statements of operations.