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EXCEL - IDEA: XBRL DOCUMENT - ONCOVISTA INNOVATIVE THERAPIES, INCFinancial_Report.xls
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EX-31.1 - EXHIBIT 31.1 - ONCOVISTA INNOVATIVE THERAPIES, INCv306005_ex31-1.htm
EX-32 - EXHIBIT 32 - ONCOVISTA INNOVATIVE THERAPIES, INCv306005_ex32.htm
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EX-31.2 - EXHIBIT 31.2 - ONCOVISTA INNOVATIVE THERAPIES, INCv306005_ex31-2.htm
v2.4.0.6
DEBT
12 Months Ended
Dec. 31, 2011
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

Note 6.     DEBT

 

As a result of the Stock Purchase Agreement with Alere Holdings, the Company has eliminated substantially all of its outstanding debt using a portion of the Company’s share of proceeds received from the initial milestone payment under the Stock Purchase Agreement.  In connection with the Stock Purchase Agreement, the Company’s contingently redeemable shares were issued and subsequently sold to Alere Holdings. The Company also repaid the principal and accrued interest to the holders of the 2009 Bridge Note, as well as the loans and advances from Alexander L. Weis, Ph.D., Chairman of the Company’s board of directors and its CEO, President, CFO and Secretary, and a significant shareholder (the “CEO”) and affiliates of the CEO.

 

The Company had the following outstanding loans and notes payable at December 31, 2011 and 2010:

 

    2011     2010  
Unsecured convertible notes payable to a third party with interest at 8% and due on demand, matured in December 2005 (1)   $ 100,000     $ 100,000  
Total notes payable     100,000       100,000  
Less: current portion     (100,000 )     (100,000 )
Total long-term debt   $     $  

 

  (1) The debt holder, at its option, may convert the principal and any accrued interest into shares of common stock at a price of $2.50 per share.  The Company is currently in default.