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Mortgage and Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2013
Text Block [Abstract]  
Schedule of Consolidated Debt

The Company’s consolidated mortgages and notes payable consisted of the following at December 31, 2013 and 2012:

 

     December 31, 2013      December 31, 2012  

Term loan

    $ 5,000,000       $ 5,000,000   

Project Term loan

      10,000,000         —     

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

      1,176,076         8,234,367   

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

      4,039,446         3,628,779   

Mortgages payable

      1,816,286         1,957,537   
  

 

 

     

 

 

  
   $ 22,031,808       $ 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 K) 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   
  

 

 

  
Long -Term Obligation Maturities

Long-Term Obligation Maturities:

 

     Total      2014      2015      2016      2017      2018      More than 5
years		  

Long term obligations

    $ 12,294,546       $ 6,632,320       $ 1,671,274       $ 3,990,952       $ —         $ —         $ —     

Operating leases

      744,186         744,186         —           —           —           —           —     

Interest on obligations

      699,792         366,295         233,757         99,740         —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total obligations

    $ 13,738,524       $ 7,742,801       $ 1,905,031       $ 4,090,692       $ —         $ —         $ —