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Related Party Notes Payable

12 Months Ended

Dec. 31, 2014

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. 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. The loan bears interest at 11% per annum and was due on December 31, 2013. During January 2014, the Revolver was extended from December 31, 2013 to June 30, 2015. As of December 31, 2014 and 2013, the balance due to Vector amounted to $73,500. As of December 31, 2014 and 2013, accrued interest related to the Revolver amounted to $36,833 and $28,636, 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 $8,197 for the years ended December 31, 2014 and 2013, respectively.