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Promissory Notes
6 Months Ended
Jun. 30, 2014
Promissory Notes [Abstract]  
Promissory Notes
11. Promissory Notes
 
On April 24, 2014, the Company issued a promissory note in the amount of $300,000 with Clifford Lerner, the Company’s president, chief executive officer and the chairman of the Company’s Board of Directors. The promissory note is due and payable on January 24, 2015 and bears interest at the rate of nine percent (9%) per annum.

On May 20, 2014, the Company issued a promissory note in the amount of $100,000 and a warrant to purchase 25,000 shares of its common stock to Thomas Carrella. The promissory note is due and payable on February 20, 2015 and bears interest at the rate of fifteen percent (15%) per annum. The Company calculated the fair value of the warrant using Black-Scholes option pricing model and recorded $4,750 of deferred financing costs related to the issuance of the warrant that will be amortized over the term of the promissory note (See Note 13).
 
At June 30, 2014, the Company had outstanding promissory notes in the aggregate amount of $400,000 recorded on its Condensed Consolidated Balance Sheet.