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EXCEL - IDEA: XBRL DOCUMENT - AxoGen, Inc.Financial_Report.xls
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v2.3.0.11
Notes Receivable
6 Months Ended
Jun. 30, 2011
Notes Receivable [Abstract]  
Notes Receivable
(7) Notes Receivable
     On May 3, 2011, the Company made a $500,000 loan to AxoGen Corporation (“AxoGen”) and was given a note in return that bears interest at an annual rate of 8%, has a maturity date of June 30, 2013, is secured by AxoGen assets and is subordinated to the interests of AxoGen’s senior lenders.
     On May 31, 2011, AxoGen issued a Subordinated Secured Convertible Promissory Note in the principal amount of $2,000,000 (the “Note”) to LecTec. The Note bears interest at an annual rate of 8%, has a maturity date of June 30, 2013 and is secured by a pledge of all of the assets of AxoGen, which pledge is subordinated to a prior security interest in all of AxoGen’s assets held by AxoGen’s senior lenders. There is no penalty for AxoGen’s prepayment of the Note. At any time prior to the Note being paid in full and the closing of a business combination transaction between LecTec and AxoGen, LecTec can convert all principal and accrued interest into shares of AxoGen’s common stock at a conversion price based on a set valuation of AxoGen.