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Loans Payable (Tables)
 6 Months Ended
Jun. 30, 2019
Schedule of Consolidated Notes Payable
The Company’s consolidated debt consisted of the following
carrying values at:
 
 
 
June 30,

2019
 
 
December 31,

2018
 
Note 1 – Monaco 2014
 
$
2,800,000
 
 
$
2,800,000
 
Note 2 – Monaco 2016
 
 
1,175,000
 
 
 
1,175,000
 
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
 
 
 
3,500,000
 
Note 6 – MINOSA 2
 
 
5,050,000
 
 
 
5,050,000
 
Note 7 – Monaco 2018
 
 
1,099,366
 
 
 
1,099,366
 
Note 8 – Promissory note
 
 
718,648
 
 
 
74,621
 
Note 9 – Litigation financing
 
 
—  
 
 
 
—  
 
 
 
$
30,093,015
 
 
$
29,448,988
 
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