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Mortgage and Loans Payable (Tables)
 9 Months Ended
Sep. 30, 2013
Text Block [Abstract]  
Schedule of Consolidated Debt

The Company’s consolidated debt consisted of the following at September 30, 2013 and December 31, 2012:

 

     September 30,
2013		      December 31,
2012		  

Term loan

    $ 5,000,000       $ 5,000,000   

Project loan

      10,000,000         —    

Face value $10,000,000, 8% Convertible Senior Note Payable

      1,716,333         8,234,367   

Face value $8,000,000, 9% Convertible Senior Note Payable

      3,962,053         3,628,779   

Mortgage payable

      1,854,453         1,957,537   
  

 

 

     

 

 

  
   $ 22,532,839       $ 18,820,683   
  

 

 

     

 

 

  
Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values

Based on the previous conclusions, we allocated the cash proceeds first to the derivative components at their fair values (see NOTE M) with the residual allocated to the host debt contract, as follows:

 

     Allocation  

Initial Note

    $ 4,910,862  

Compound embedded derivative

      2,989,537  

Derivative warrants

      2,054,601  
  

 

 

  
   $ 9,955,000  
  

 

 

  
Schedule of Allocation of Cash Proceeds Related to Additional Financing

Allocation of the cash proceeds related to the Additional Financing was as follows:

 

     Allocation  

Additional Note

    $ 6,339,642   

Compound embedded derivative

      1,291,298   

Derivative warrants

      363,542   
  

 

 

  
   $ 7,994,482