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XML - IDEA: XBRL DOCUMENT - CytoCore IncR22.htm
EXCEL - IDEA: XBRL DOCUMENT - CytoCore IncFinancial_Report.xls
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v2.4.0.6
Notes Payable and Advances-related parties
9 Months Ended
Sep. 30, 2012
Notes Payable and Advances-Related Parties [Abstract]  
Notes Payable and Advances-Related Parties
Note 6. Notes Payable and Advances-related parties

 

Notes payable to unrelated parties consist of:

 

    September 30,     December 31,  
    2012     2011  
    (Unaudited)        
             
Robert Shaw, $25,000 Promissory Note issued September 20, 2001; interest rate 9% per annum, due December 20, 2001.     15       15  
                 
Ventana Medical Systems, Inc. $62,946 Promissory Note issued November 30, 2003; due December 31, 2003; interest rate 8% per annum payable after December 31, 2003     21       21  
                 
Xillix Technologies Corporation $361,000 Promissory Note issued June 26, 1998; Interest rate Canadian Prime plus 6% per annum, due December 27, 1999; represents a debt of AccuMed     34       34  
    $ 70     $ 70  

 

The Company has failed to make principal and interest payments when due and is in breach of certain warranties and representations under the notes included above. Such notes require the holder to notify CCI in writing of a declaration of default at which time a cure period, as specified in each individual note, would commence. CCI has not received any written declarations of default from holders of its remaining outstanding notes payable.

 

During the nine months ended September 30, 2012, the Company was advanced $524,000 from related parties. These advances are non-interest bearing and are due on demand. However, using an 8% annual interest rate, the Company has recorded a non-cash interest expense totaling approximately $170,000 on the outstanding balance for the nine months.