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Loans Payable (Tables) | 9 Months Ended
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Sep. 30, 2018
Schedule of Consolidated Debt | The Company’s consolidated debt consisted of the following at:
|  | September 30, 2018 |  |  | December 31, 2017 |
Note 1 – Monaco 2014 |  | $ | 2,800,000 |  |  | $ | 2,800,000 |
Note 2 – Monaco 2016 |  |  | 1,175,000 |  |  |  | 1,138,441 |
Note 3 – MINOSA 1 |  |  | 14,750,001 |  |  |  | 14,750,001 |
Note 4 – Epsilon |  |  | 1,000,000 |  |  |  | 1,000,000 |
Note 5 – SMOM |  |  | 3,500,000 |  |  |  | 3,000,000 |
Note 6 – MINOSA 2 |  |  | 5,050,000 |  |  |  | 4,675,000 |
Note 7 – Monaco 2018 |  |  | 1,099,366 |  |  |  | — |
Note 8 – Promissory note |  |  | 20,403 |  |  |  | — |
|  | $ | 29,394,770 |  |  | $ | 27,363,442 |
Summary of Fair Value of Debt | The fair value of the new debt is as follows:
Monaco loans |  | Loan one |
Forward cash flows: |  |  |  |
Principal |  | $ | 2,800,000 |
Interest |  |  | 559,463 |
Total forward cash flows |  | $ | 3,359,463 |
Present value of forward cash flows |  | $ | 2,554,371 |
Fair value of equity conversion option |  |  | 1,063,487 |
Fair value of debt |  | $ | 3,617,858 |
Summary of Debt Premium |
Monaco loans |  | Loan one |
Forward cash flows: |  |  |  |
Face value |  | $ | 2,800,000 |
Fair value |  |  | 3,617,858 |
Difference (premium)* |  | $ | 817,858 |
* | ASC 470-20-25-13 provides that if a convertible debt instrument is issued at a substantial premium, there is a presumption that such premium represents paid in capital. Since the total face amount of the new loans is $2,800,000, we conclude that the $817,858 was substantial and recorded that premium to additional paid-in capital.
Summary of Gain or Loss Upon Extinguishment Allocation | The allocation is as follows:
|  | Allocation |
Derivative liabilities (share purchase options) |  | $ | 1,456,825 |
Monaco Loan (Old Debt) |  |  | 3,372,844 |
Monaco Loan (New Debt) |  |  | (2,800,000 | )
APIC (Premium) |  |  | (817,858 | )
Difference to APIC* |  | $ | 1,211,811 |
* | The difference between the fair value of the new debt and the sum of the pre-modification carrying amount of the old debt and the share purchase option’s fair value represented a gain on extinguishment. ASC 470-50-40-2 indicates that debt restructuring with a related party may be in essence a capital transaction and as a result the gain upon extinguishment was recognized in additional paid in capital.
Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values | The allocations of the three additional tranches were as follows.
|  | Tranche 3 |  |  | Tranche 4 |  |  | Tranche 5 |
Promissory Note |  | $ 981,796 |  |  | $ 939,935 |  |  | $1,000,000 |
Beneficial Conversion Feature (“BCF”)* |  |  | 18,204 |  |  |  | 60,065 |  |  |  | — |
Proceeds |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
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 |  |  | $ | 1,723,492 |  |  | $ | 14,366,853 |
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 |  |  | $ | 1,750,0001 |  |  | $ | 14,750,001 |
Note 2 [Member] | Monaco Notes [Member] |
Summary of Significant Conversion Option Valuation Inputs and Results | Significant inputs and results arising from the Binomial Lattice process are as follows for the conversion option that is classified in equity after the modification in March 2016:
Underlying price on valuation date |  | $1.25
Contractual conversion rate |  | $1.00
Contractual term to maturity |  | 1.82 Years
Implied expected term to maturity |  | 1.82 Years
Market volatility: |  |
Range of volatilities |  | 96.0% - 154.0%
Equivalent volatilities |  | 120.1%
Risk free rates using zero coupon US Treasury Security rates |  | 0.29% - 0.68%
Equivalent market risk adjusted interest rates |  | 0.52%

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