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Mortgage and Loans Payable (Tables)
 9 Months Ended
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