"Read More" code not working

I really like this template. Got it from FalconLive.com. It is has an awesome widgetised layout. Easy to use and like the template description said, its also SEO friendly. That's the main point for me taking this template.
But the sad thing was that the "Read more code is not working. Couldn't figure out why it is so. not that good with HTML and java scripts even after doing 3 years of Computer Applications.
Hoping to understand and figure it out soon.