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Mortgage and Loans Payable (Tables)
 3 Months Ended
Mar. 31, 2014
Text Block [Abstract]  
Schedule of Consolidated Debt

The Company’s consolidated debt consisted of the following at March 31, 2014 and December 31, 2013:

 

     March 31,
2014		      December 31,
2013		  

Term loan

    $ 4,500,000       $ 5,000,000   

Project loan

      —          10,000,000   

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

      —          1,176,076   

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

      2,341,646         4,039,446   

Mortgage payable

      1,777,924         1,816,286   
  

 

 

     

 

 

  
   $ 8,619,570       $ 22,031,808   
  

 

 

     

 

 

  
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