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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 - Bank.
9 Months Ended
Sep. 30, 2012
Notes Payable Bank [Abstract]  
Notes Payable Bank [Text Block]

Note 3. Notes Payable – Bank.

 

The following summarizes notes payable - bank 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, bank:          
   Crown Bank promissory note $500,000  $700,000  Principal reduction of $200,000
   Central Bank promissory note  100,025   —    Reclassified from long-term; Note was extended through January 17, 2013
   Central Bank line of credit  100,000   100,000  Line was renewed through May 12, 2013
Total short-term notes payable, bank $700,025  $800,000   

Long-term notes payable, bank: 

          
   Central Bank promissory note $—    $100,025  Reclassified to short- term

 

Crown Bank Loans

 

Pursuant to loan consideration agreements dated October 11, 2011, on February 15, 2012, the Company issued an aggregate 150,000 shares of common stock to James Davis, a director of the Company, and William Reiling, a greater than 5% shareholder, as guarantors of the Company’s Crown Bank loan (the “Guarantors”). On March 30, 2012, the Guarantors purchased a total of $200,000 of the Company’s 10% Secured Convertible Subordinated Notes (see Note 4), and the proceeds were used to reduce the principal amount of the Crown Bank loan. On the same date, the parties amended the loan consideration agreements, pursuant to which 281,610 shares of common stock were issued to the Guarantors, representing the maximum number of shares that could be earned for the guarantee period from April 1, 2012 to October 31, 2012 in the original agreement. The $453,190 fair market value of the 431,610 total shares issued was recorded as debt issuance cost and is being amortized over the term of the loan on a straight-line basis. During the three and nine months ended September 30, 2012 the Company recorded debt extinguishment expense of $191,490 and $456,534, respectively, related to the consideration shares.

 

Central Bank Loans

 

On January 17, 2012, the Company renewed its $100,025 Central Bank loan. The renewed loan matures on January 17, 2013, and bears interest at the prime rate plus 1%, with a minimum annual rate of 5.0% (currently 5%). Pursuant to agreements with the guarantor of this loan, the Company issued 6,666 shares of common stock relating to the guarantee period from July 17, 2011 through January 17, 2012 that had been accrued for issuance during that period. The Company issued 9,088 shares for the period from January 17, 2012 through July 17, 2012 and is accruing 1,515 shares per month that will be issued at the end of the loan term. The $12,268 value of the 13,633 shares issued and accrued for the period from January 17, 2012 through September 30, 2012 was recorded as debt issuance cost. During the three and nine months ended September 30, 2012 the Company recorded debt extinguishment expense of $3,862 and $12,083, respectively, related to the consideration shares.

 

Pursuant to the terms of a consideration agreement with a guarantor of the Company’s $100,000 line of credit arrangement with Central Bank, on May 11, 2012, the Company issued to the guarantor 8,064 shares of its common stock related to the guarantee period from May 11, 2012 through November 11, 2012, and will accrue for later issuance 1,344 shares for each following month of the loan term. The $8,145 value of the shares is being amortized as debt extinguishment expense over the initial guarantee period. Principal amounts borrowed against the line of credit will bear interest at the prime rate plus 1.0%, with a minimum rate of 5.0% (currently 5%). During the three and nine months ended September 30, 2012 the Company recorded interest expense of $0 and $3,956 and debt extinguishment expense of $3,984 and $6,153 respectively, related to the consideration shares.