XML 60 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900
Mortgage and Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2015
Schedule of Consolidated Debt

The Company’s consolidated mortgages and notes payable consisted of the following at December 31, 2015 and 2014:

 

     December 31,
2015		      December 31,
2014		  

Term loan

    $ —        $ 4,000,000   

Project term loans

      3,449,631         15,502,422   

Promissory note

      14,750,001         —    

Mortgages payable

      —          1,662,459   
  

 

 

     

 

 

  
   $ 18,199,632       $ 21,164,881   
  

 

 

     

 

 

  
Long -Term Obligation Maturities

Long-Term Obligation Maturities:

 

     Total      2016      2017      2018      2019      2020      More than
5 years		  

Long term obligations

    $ 2,800,000       $ —         $ 2,800,000       $ —         $ —         $ —         $ —     

Operating lease

      722,880         240,960         240,960         240,960         —           —           —     

Interest on obligations

      616,843         308,843         308,000         —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total obligations

    $ 4,139,723       $ 549,803       $ 3,348,960       $ 240,960       $ —         $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
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