XML 85 R16.htm IDEA: XBRL DOCUMENT

Debt Issuance Costs

12 Months Ended

Dec. 31, 2013

8. Debt Issuance Costs

Debt issuance costs consisted of the following at December 31, 2013 and 2012:

	2013			2012
Financial advisor fee	$	108,000		$	80,000
Legal fees		15,466			15,466
Fair value of warrants issued (as disclosed in Note 15 )		11,024			8,166
		134,490			103,632
Less: accumulated amortization		(89,660	)		-
	$	44,830		$	103,632

Amortization expense of debt issuance costs for the year ended December 31, 2013 amounted to $89,660, and is included in interest expense on the accompanying consolidated statements of operations. There was no amortization expense of debt issuance costs as of December 31, 2012, as the transaction was completed on December 27, 2012. Future estimated amortization expense of deferred loan costs as of December 31, 2013 is as follows:

	For the year ending December 31,
2014	$	44,830
Total	$	44,830