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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
Accrued Development Expense.
9 Months Ended
Sep. 30, 2012
Payables and Accruals [Abstract]  
Accrued Development Expense Disclosure [Text Block]

Note 7. Accrued Development Expense.

 

In 2008 the Company entered into a “Development and Commercialization Agreement” with Artann, under the terms of which the parties have been collaborating to develop and commercialize the Company’s ProUroScan prostate mechanical imaging system. Under the terms of the Development and Commercialization Agreement, the Company recorded as research and development expense a $750,000 milestone earned by Artann upon the FDA’s April 27, 2012 approval of the Company’s ProUroScan System.

 

On May 24, 2012, the parties executed an amendment to the Development and Commercialization Agreement to revise the scheduled timing of the $750,000 milestone payment. Under the revised payment schedule, the Company made a $100,000 first payment on May 25, 2012 and agreed to make the following payments to Artann:

 

$400,000 to be paid in increments of 25% of all net cash received by the Company from any funding source between May 22, 2012 and October 27, 2012, with any unpaid balance payable on October 27, 2012; and

 

a $250,000 payment on October 27, 2012.

 

In addition, the Company agreed to pay simple interest at a 10% annual rate on the difference between the cumulative amounts that would have been paid to Artann under the previous payment schedule and the cumulative payments made under the revised schedule. Finally, in recognition of Artann’s accommodation to the Company by rescheduling the timing of payments, the Company agreed to pay an accommodation fee equal to the interest amount to be paid. Both the interest and the accommodation fee are being recorded as interest expense as it is incurred.

 

As of September 30, 2012, the $577,500 unpaid balance of the milestone payment was recorded as accrued development expense.