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Related Party Notes Payable | 12 Months Ended
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Dec. 31, 2012
Related Party Notes Payable [Abstract] |
Related Party Notes Payable |
9. | Related Party Notes Payable
On March 26, 2009, the Company entered into a $50,000 revolving credit promissory note (the “Revolver”) with Vector Group Ltd. (“Vector”), a principal stockholder of the Company. The loan bears interest at 11% per annum and is due on December 31, 2012. During the year ended December 31, 2012, the Revolver was extended for a year, with a maturity date of December 31, 2013. On January 26, 2011, the Company and Vector entered into an amendment to the Revolver increasing the amount that the Company may borrow from $50,000 to $100,000. As of December 31, 2012 and 2011, the balance due to Vector amounted to $73,500. As of December 31, 2012 and 2011, accrued interest related to the Revolver amounted to $20,439 and $12,219, respectively, and is included in accrued interest, related party on the accompanying consolidated balance sheets. Interest expense for other related party notes payable amounted to $8,220 and $1,213 for the years ended December 31, 2012 and 2011, respectively.

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