v2.4.0.6
|
Long-Term Debt (Tables)
|
12 Months Ended |
|
|
| Long-Term Debt [Abstract] |
|
| Long-term Debt |
The following table summarizes our long-term debt:
| | | | | | | | 2012 | | | 2011 | | $5M Convertible Senior Secured Promissory Notes including interest at 5% per annum payable quarterly through December 31, 2013, and an additional one time 5% interest charge payable on January 15, 2013 if not repaid by December 31, 2012, collateralized by a first priority lien shared equally with holder of the Convertible Line of Credit with Related Party in all of the patents and intellectual property owned by the Company subordinated to the Convertible Debt related to acquisition for Surgical Biologics intellectual property until repaid. (a) | | $ | 5,313,645 | | | $ | 5,007,732 | | | | | | | | | | | | Convertible Line of Credit with Related Party with 5% interest; principal and interest payable in full December 31, 2012 collateralized by a first priority lien shared equally with holders of Convertible Senior Secured Promissory Notes in all patents and intellectual property of the Company subordinated to the Convertible debt related to the acquisition for Surgical Biologics intellectual property until repaid. (b) | | | - | | | | 1,342,726 | | | | | | | | | | | | Convertible debt related to acquisition with 4% interest; principal and interest payable in full on July 5, 2012, collateralized by a first priority lien in all the intellectual property owned by Surgical Biologics immediately after the closing. (c) | | | - | | | | 1,299,315 | | | | | | | | | | | | Total debt | | $ | 5,313,645 | | | $ | 7,649,773 | | | | | | | | | | | | Less unamortized debt discount | | | (1,301,203 | ) | | | (2,480,400 | ) | | | | | | | | | | | Less current portion | | | - | | | | (2,424,786 | ) | | | | | | | | | | | Long-term portion | | $ | 4,012,442 | | | $ | 2,744,587 | |
(a) Investors received First Contingent Warrants (25% of amount invested) and Second Contingent Warrants (25% of amount invested) at an exercise price of $.01 per share. In March 2012 a total of 1,250,000 First Contingent Warrants were vested. In July 2012, a total of 1,250,000 Second Contingent Warrants were voided due to the Company share price trading at or above $1.75 for ten consecutive trading days. The additional interest resulting from the beneficial conversion feature, inclusive of the First Contingent Warrants, totaled $2,278,052 which has been recorded as a debt discount that has been and will continue to be charged to interest expense using the effective interest rate over the life of the note. (b) The same terms offered to the Senior Secured Promissory note with regard to Contingent Warrants applied to the Convertible Line of Credit. In March 2012 a total of 325,000 First Contingent Warrants vested. In July 2012, a total of 325,000 Second Contingent Warrants were voided. The additional interest related to the beneficial conversion feature totaled $594,456 and was recorded as a debt discount and charged to interest expense using the effective interest rate over the life of the note. On December 7, 2012, the Chairman and CEO elected to convert his note and accrued interest resulting in the issuance of 1,403,630 shares of MiMedx common stock. (c) Additional financing expense of $437,500 was recorded for the beneficial conversion feature of the convertible notes over the term of the note. In July, 2012, the Company settled the Convertible Promissory Notes by paying approximately $177,000 in cash and issuing 893,267 shares of MiMedx common stock. |
| X |
- Details
| Name: |
us-gaap_DebtDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
+ References+ Details
| Name: |
us-gaap_ScheduleOfDebtInstrumentsTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
nonnum:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
|
