MORTGAGE AND LOANS PAYABLE (Tables)

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Schedule of Consolidated Debt

The Company’s consolidated debt consisted of the following at June 30, 2014 and December 31, 2013:

	June 30, 2014		December 31, 2013
Term loan	$	4,500,000	$	5,000,000
Project term loans		7,436,514		10,000,000
Face value $10,000,000, 8% Convertible Senior Note Payable		—		1,176,076
Face value $8,000,000, 9% Convertible Senior Note Payable		—		4,039,446
Mortgage payable		1,739,662		1,816,286
	$	13,676,176	$	22,031,808

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 (see NOTE L) with the residual allocated to the host debt contract, as follows:

	Allocation
Initial Note	$	4,910,862
Compound embedded derivative		2,989,537
Derivative warrants		2,054,601
	$	9,955,000

Schedule of Allocation of Cash Proceeds Related to Additional Financing

Allocation of the cash proceeds related to the Additional Financing was as follows:

	Allocation
Additional Note	$	6,339,642
Compound embedded derivative		1,291,298
Derivative warrants		363,542
	$	7,994,482