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Mortgage and Loans Payable (Tables) | 3 Months Ended
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Mar. 31, 2015
Schedule of Consolidated Debt | The Company’s consolidated debt consisted of the following at March 31, 2015 and December 31, 2014:
|  | March 31, 2015 |  |  | December 31, 2014 |
Term loan |  | $ | 3,500,000 |  |  | $ | 4,000,000 |
Project term loans |  |  | 15,789,600 |  |  |  | 15,502,422 |
Promissory note |  |  | 1,937,858 |  |  |  | — |
Mortgages payable |  |  | 1,087,000 |  |  |  | 1,662,459 |
|  | $ | 22,314,458 |  |  | $ | 21,164,881 |
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 Disbursement of Promissory Notes | On March 11, 2015, in connection with a Stock Purchase Agreement (See NOTE J), Minera del Norte, S.A. de C.V. (“MINOSA”) agreed to lend us up to $14.75 million, subject to the terms set forth in the Purchase Agreement, according to the following schedule:
Dates |  | Loan Amount |
March 11, 2015 (Received March 2015) |  | $ | 2,000,000 |
March 31, 2015 (Received April 2015) |  |  | 6,000,000 |
April 30, 2015 (Received April 2015) |  |  | 3,000,000 |
May 31, 2015 |  |  | 2,000,000 |
June 30, 2015 |  |  | 1,750,000 |
|  | $ | 14,750,000 |
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 |
Oceanica Resources S. de. R.L [Member] |
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 debt at its present value using a market rate of 15%, which is management’s estimate of a market rate loan for the Company, with the residual allocated to the Oceanica Call Option, as follows:
|  | Tranche 1 |
Promissory Note |  | $ | 1,932,759 |
Deferred Income (Oceanica Call Option) |  |  | 67,241 |
Proceeds |  | $ | 2,000,000 |
Project Term Loans [Member] |
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 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 |

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