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Loans Payable (Tables)
 9 Months Ended
Sep. 30, 2019
Schedule of Consolidated Notes Payable
The Company’s consolidated debt consisted of the following carrying values at:
 
 
  
September 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
  
 
1,286,645
 
  
 
74,621
 
Note 9 – Litigation financing
  
 
1,409,980
 
  
 
—  
 
 
  
$
32,070,992
 
  
$
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