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Project Development Costs
9 Months Ended
Sep. 30, 2013
Project Development Costs [Abstract]  
Project Development Costs [Text Block]
Project Development Costs
        
On December 21, 2011 (the “Option Effective Date”), MRMI entered into an option agreement with EPT, which was last amended by a letter agreement on August 30, 2013, between EPT and MRMI (as amended, the “Option Agreement”). Pursuant to the Option Agreement, EPT granted us a sole and exclusive option (the “Option”) to lease certain portions of the EPT Property pursuant to the terms of a lease negotiated between the parties. Our rights and obligations pursuant to the Option Agreement are subject to certain existing EPT agreements.
In connection with the Option Agreement, MRMI paid EPT an option payment in the amount of $750,000 on December 21, 2011 and on March 8, 2013, MRMI paid EPT a pro-rated option payment in the amount of $472,603. On September 18, 2013, EPT’s Board of Directors provided an irrevocable notice to proceed with the development of the EPT Property in accordance with the terms of the MDA. Therefore, all payments made by MRMI to EPT pursuant to the Option Agreement to date, which total $1,222,603, have become non-refundable. As of September 30, 2013 approximately $815,000 of the $1,222,603 has been expensed.
In addition to the Option Payment, project development costs included other direct costs incurred by the Company in consummating the Option Agreement and related lease. At September 30, 2013 and December 31, 2012, project development costs totaled approximately $15.7 million and $11.5 million respectively.