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Debt Issuance Costs
12 Months Ended
Dec. 31, 2015
Debt Issuance Costs [Abstract]  
Debt Issuance Costs
8.Debt Issuance Costs

 

Debt issuance costs consisted of the following at December 31, 2015 and 2014:

 

   2015  2014 
 Financial advisor fee $108,000  $108,000 
 Legal fees  56,229   56,229 
 Fair value of warrants issued (as disclosed in Note 15 )  11,024   11,024 
    175,253   175,253 
 Less: accumulated amortization  (170,049)  (149,234)
   $5,204  $26,019 

 

Amortization expense of debt issuance costs for the years ended December 31, 2015 and 2014 amounted to $20,815 and $59,574, respectively, and is included in interest expense on the accompanying consolidated statements of operations. Future estimated amortization expense of deferred loan costs for the year ending December 31, 2016 is $5,204.