Securities Transactions

6 Months Ended

Jun. 30, 2016

Securities Financing Transactions [Abstract]

Securities Transactions

Securities Transactions.

(a)    During the three and six months ended June 30, 2016, the Company issued an aggregate of 22,380 and 44,603 shares of restricted common stock, par value $.01, pursuant to the anti-dilution provisions in an agreement with the Vice Chairman, Jay C. Nadel, for advisory and consulting services, which transactions were valued and recorded in the aggregate at $11,638 and $20,050, respectively.

(b)    During the three and six months ended June 30, 2016, the Company vested an aggregate of 305,352 and 610,704 shares of restricted common stock, par value $.01, as Guaranty Shares, issued to the Chairman of the Board and majority stockholder in connection with his personal guaranty relating to the Enhanced Note, which transactions were valued and recorded in the aggregate at $183,211 and $366,422, respectively, and classified as interest expense – related party.