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Mortgage and Loans Payable (Tables) | 9 Months Ended
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Sep. 30, 2015
Schedule of Consolidated Debt | The Company’s consolidated debt consisted of the following at September 30, 2015 and December 31, 2014:
|  | September 30, 2015 |  |  | December 31, 2014 |
Term loan |  | $ | 3,000,000 |  |  | $ | 4,000,000 |
Project term loans |  |  | 16,396,297 |  |  |  | 15,502,422 |
Promissory note |  |  | 14,750,001 |  |  |  | — |
Mortgages payable |  |  | 1,022,500 |  |  |  | 1,662,459 |
|  | $ | 35,168,798 |  |  | $ | 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 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 | 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 |
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 |  |  | Tranche 2 |  |  | Tranche 3 |  |  | Tranche 4 |  |  | Tranche 5 |  |  | Total |
Promissory Note |  | $ | 1,932,759 |  |  | $ | 5,826,341 |  |  | $ | 2,924,172 |  |  | $ | 1,960,089 |  |  | $ | 1,723,491 |  |  | $ | 14,366,852 |
Deferred Income (Oceanica Call Option) |  |  | 67,241 |  |  |  | 173,659 |  |  |  | 75,828 |  |  |  | 39,911 |  |  |  | 26,509 |  |  |  | 383,148 |
Proceeds |  | $ | 2,000,000 |  |  | $ | 6,000,000 |  |  | $ | 3,000,000 |  |  | $ | 2,000,000 |  |  | $ | 1,750,000 |  |  | $ | 14,750,000 |

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