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DEBT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
DEBT |
Summary of long-term debt |
|  | At December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
Long-term debt of the Company consists of: |  |  |  |  |  |  |
Resource Capital Funds—Convertible Debt Facility |  | $ | 3,000,000 |  | $ | — |
Note Payable |  |  | — |  |  | 5,000,000 |
Capital leases |  |  | 15,038 |  |  | 129,722 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 3,015,038 |  |  | 5,129,722 |
Less—current portion |  |  | (10,543 | ) |  | (5,112,140 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total long-term debt, including capital leases |  | $ | 3,004,495 |  | $ | 17,582 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of maturities of long-term debt and capital leases |
For the Twelve Months Ended: |  | Long-term Debt |  | Capital Leases |
--- | --- | --- | --- | --- | ---
December 31, 2014 |  | $ | 4,495 |  | $ | 24,154 |
December 31, 2015 |  |  | — |  |  | 4,578 |
December 31, 2016 |  |  | 3,000,000 |  |  | — |
December 31, 2017 |  |  | — |  |  | — |
December 31, 2018 and beyond |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals |  | $ | 3,004,495 |  | $ | 28,732 |
Less amounts representing imputed interest |  |  |  |  |  | (18,156 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Present value of future payments |  |  |  |  | $ | 10,576 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of assumptions used in calculation of the derivative liability using the Black-Scholes option pricing model |
Risk-free interest rate |  | 0.61% - 0.78%
Expected life of derivative liability |  | 3.00 - 3.12 years
Expected volatility |  | 94% - 97%
Dividend rate |  | 0.00%
Schedule of changes in the derivative liability related to the conversion feature |
|  | December 31, 2013 |  | Financial Statement Location
--- | --- | --- | --- | ---
Balance, December 31, 2012 |  | $ | — |  |
Fair value at inception |  |  | 2,061,794 |  |
Change in fair value of derivative liability |  |  | 107,614 |  | Change in fair value of derivative liability
​ | ​ | ​ | ​ | ​ | ​
Balance, December 31, 2013 |  | $ | 2,169,408 |  | Derivative liability—convertible debenture
​ | ​ | ​ | ​ | ​ | ​
Schedule of change in the convertible debentures |
|  | December 31, 2013 |
--- | --- | --- | ---
Balance, December 31, 2012 |  | $ | — |
Discounted convertible debentures |  |  | 938,206 |
Amortization of discount |  |  | 86,509 |
​ | ​ | ​ | ​ | ​
Balance, December 31, 2013 |  | $ | 1,024,715 |
​ | ​ | ​ | ​ | ​

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- Definition Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph a -Subparagraph 5 + Details
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