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Mortgage and Loans Payable (Tables)
 9 Months Ended
Sep. 30, 2014
Schedule of Consolidated Debt

The Company’s consolidated debt consisted of the following at September 30, 2014 and December 31, 2013:

 

     September 30,
2014		      December 31,
2013		  

Term loan

    $ 4,000,000       $ 5,000,000   

Project term loans

      11,642,772         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

      —           4,039,446   

Mortgages payable

      1,701,299         1,816,286   
  

 

 

     

 

 

  
   $ 17,344,071       $ 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 L) 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   
  

 

 

  
Project Term Loans [Member]
  
Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values

We allocated the cash proceeds first to the Share Purchase Option derivative and common shares surrendered at their fair values with the residual allocated to the host debt contract, as follows:

 

     Allocation  

Initial Note

    $  3,918,254   

Derivative (share purchase option)

    $ 831,746   

Common shares of Oceanica

    $ 250,000   
  

 

 

  
   $ 5,000,000