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EXCEL - IDEA: XBRL DOCUMENT - ProUroCare Medical Inc.Financial_Report.xls
10-Q - FORM 10-Q - ProUroCare Medical Inc.v325918_10q.htm
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EX-31.2 - EXHIBIT 31.2 - ProUroCare Medical Inc.v325918_ex31-2.htm
EX-32.1 - EXHIBIT 32.1 - ProUroCare Medical Inc.v325918_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - ProUroCare Medical Inc.v325918_ex31-1.htm
EX-10.4 - EXHIBIT 10.4 - ProUroCare Medical Inc.v325918_ex10-4.htm
v2.4.0.6
Notes Payable.
9 Months Ended
Sep. 30, 2012
Notes Payable Other Than Bank [Abstract]  
Notes Payable Other Than Bank Disclosure [Text Block]

Note 4. Notes Payable.

 

The following summarizes notes payable balances at September 30, 2012 and December 31, 2011, and the related activity during the nine months ended September 30, 2012:

 

  September 30,
2012
 December 31, 2011 Activity during the
nine months ended
September 30, 2012
Short-term notes payable:          
     Insurance policy financing $57,982  $41,527  Original installment loan repaid; new installment loan established
     Note payable due December 22, 2012  40,000   40,000  Maturity date was extended
     Note payable due November 22, 2012  21,000   40,000  $20,000 was converted into a short-term convertible note, $1,000 of interest was converted to note principal, and the maturity date was extended
     Note payable due December 26, 2012  150,000   0  New loan
     Note payable due December 29, 2012  15,000   0  New loan
Less: original issue discount  (16,407)  (7,241) Original issue discount related to warrants issued pursuant to note
     Total short-term notes payable $267,575  $114,286   
Short-term convertible notes payable:          
     Note payable due August 10, 2013 $65,698  $65,698  Extended maturity date, reduced conversion price
     Note payable due August 11, 2013  11,018   11,018  Extended maturity date, reduced conversion price
     Notes payable due January 31, 2013  60,000   0  Notes issued for $40,000 cash and $20,000 conversion of short-term note
     Total short-term convertible notes payable $136,716  $76,716   
Short-term convertible notes payable, related party:          
     Note payable due August 8, 2013 $300,000  $300,000  Extended maturity date, reduced conversion price
Notes payable due December 28, 2012  42,558   42,558  Extended maturity date
Total short-term convertible notes payable, related party $342,558  $342,558   
Long-term convertible notes payable:          
     Notes payable due September 20, 2013 $150,000  $150,000  No activity
Long-term convertible notes payable,
related party:
          
     Notes payable due September 20, 2013 $350,000  $350,000  No activity
     Notes payable due March 31, 2014  200,000   0  Notes issued for $200,000 cash, (proceeds used to reduce Crown Bank note principal –see Note 3)
Total long-term convertible notes payable, related party $550,000  $350,000   

 

 

Between February 1, 2012 and March 16, 2012, the Company closed on a total of $60,000 in a private placement of unsecured convertible notes. The notes bear interest at 10% per annum payable on the maturity date, mature on January 31, 2013, and the principal and accrued interest are convertible into shares of the Company’s common stock at a conversion price of $1.30 per share. Of this amount, $40,000 was received in cash, and $20,000 was funded by the reduction of an outstanding note payable, which was accounted for as a debt modification.

  

On March 22, 2012, the Company amended the terms of a $20,000 promissory note with an individual lender to extend the maturity date of the note to May 22, 2012. The extension was accounted for as a debt modification. On May 22, 2012, the Company again amended the promissory note to extend the maturity date to November 22, 2012 and converted $1,000 of accrued interest into the principal amount of the note. The resulting $21,000 note bears interest at 10% per annum payable on the maturity date. Pursuant to the terms of the amended note, the Company issued 30,000, five-year warrants to the lender to acquire its common stock at an exercise price of $1.30 per share. The $30,300 value of the warrants as determined by the Black-Scholes pricing model was recorded as debt extinguishment.

 

On March 22, 2012, the Company amended the terms of a $40,000 promissory note with an individual lender to extend the maturity date of the note to June 22, 2012. The note bears interest at 10% per annum payable on the maturity date. Pursuant to the amended note terms, the Company agreed to issue to the lender 10,000 five-year warrants to acquire its common stock at an exercise price of $1.30 per share for each month the note remains outstanding beyond the original March 22, 2012 maturity date. During the three and nine months ended September 30, 2012, the Company accrued for issuance 30,000 and 40,000 warrants and recognized $18,000 and $42,000 of debt extinguishment expense pursuant to this arrangement, respectively. The warrants will be issued when the loan principal is repaid. On June 22, 2012, the Company again amended the promissory note to extend the maturity date to December 22, 2012. As consideration to the lender for extending the maturity date, the Company issued 15,000, five-year warrants to acquire its common stock at an exercise price of $1.30 per share. The $11,250 value of the warrants as determined by the Black-Scholes pricing model was recorded as debt extinguishment expense.

 

On March 30, 2012, the Guarantors of the Company’s Crown Bank Loan (see Note 3) purchased a total of $200,000 of the Company’s 10% Secured Convertible Subordinated Notes. The notes mature on March 31, 2014, are collateralized by a subordinated interest in all of the Company’s assets, and the principal and accrued interest thereon are convertible into the Company’s common stock at $1.30 per share.

 

On May 31, 2012, the Company borrowed $90,627 pursuant to an insurance policy premium financing agreement. Under the terms of the agreement, the loan will be repaid in 11 monthly installments of $8,345 beginning July 1, 2012. The annual interest rate of the loan is 3.2%.

 

On June 29, 2012, the Company borrowed $15,000 from an individual lender pursuant to a promissory note. The note matures on December 29, 2012, and bears interest at a rate of 10% per annum payable on the maturity date. As consideration to the lender for making the loan, the Company issued 22,500, five-year warrants to acquire its common stock to the lender, with an exercise price of $1.30 per share. An original issue discount of $7,575 related to the warrants was recorded and is being amortized as interest expense over the term of the note. $3,788 of interest expense was recorded during the three month period ended September 30, 2012.

 

On September 26, 2012, the Company borrowed $150,000 from an individual investor pursuant to a secured promissory note. The note matures on December 26, 2012, and is secured by a subordinated security interest in all Company assets. In lieu of interest or any other consideration, the Company issued 30,000 shares of its common stock to the lender. The $13,200 value of the shares was recorded as original issue discount and is being amortized as interest expense over the term of the note. $580 of interest expense was recorded during the three month period ended September 30, 2012.

 

On September 27, 2012, the Company amended the maturity date of a $300,000 convertible subordinated promissory note with an individual investor. Pursuant to an extension agreement with the lender, the Company agreed to reduce the conversion price of the note from $1.30 per share to $1.00 per share in consideration for a one year extension of the promissory note’s maturity date. The amended note matures on August 8, 2013. On the same date, the Company amended the maturity date of a $65,698 unsecured convertible promissory note with a limited partnership to now mature on August 10, 2013, and the maturity date of an $11,018 unsecured convertible promissory note with an individual lender to now mature on August 11, 2013. Pursuant to the extension agreements with the lenders, the Company agreed to reduce the conversion price of the notes from $1.30 per share to $1.00 per share in consideration for the one year extension of the promissory notes. The note amendments did not result in the recording of additional expense, as there was no intrinsic value of the conversion features, both before and after the modifications.