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Mortgage and Loans Payable (Tables)
 3 Months Ended
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