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Mortgage and Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2014
Schedule of Consolidated Debt

The Company’s consolidated mortgages and notes payable consisted of the following at December 31, 2014 and 2013:

 

     December 31, 2014      December 31, 2013  

Term loan

    $ 4,000,000       $ 5,000,000   

Project Term loans

      15,502,422         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

      1,662,459         1,816,286   
  

 

 

     

 

 

  

Total mortgages and loans payable

 $ 21,164,881    $ 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 J) 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      2015      2016      2017      2018      2019      More than 5
years		  

Long term obligations

    $ 15,660,299       $ 1,670,049       $ 13,990,250       $ —         $ —         $ —         $ —     

Interest on obligations

      1,965,332         1,140,354         824,978         —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total obligations

 $ 17,625,631    $ 2,810,403    $ 14,815,228    $ —      $ —      $ —      $ —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
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 derivative components at their fair values with the residual allocated to the host debt contract, as follows:

 

     T1 Allocation      T2 Allocation      T3 Allocation  

Promissory Note

    $ 3,918,254      $ 1,937,540      $ 1,909,127  

Embedded derivative (share purchase option)

      831,746        562,460        590,873  

Common shares of Oceanica

      250,000        —           —     
  

 

 

     

 

 

     

 

 

  
$ 5,000,000   $ 2,500,000   $ 2,500,000