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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  
       
​ ​ ​ ​ ​