Annual report pursuant to Section 13 and 15(d) 12-31-2018

Note Receivable

v3.19.1
Note Receivable
12 Months Ended
Dec. 31, 2018
Receivables [Abstract]  
Note Receivable

13. Note Receivable

 

On October 1, 2018, the Company completed the sale of its spine business to CTL Medical. The sale included a $6 million noninterest bearing note receivable. The 36-month term of the note receivable requires 18 payments of $138,889 followed by 18 payments of $194,444, with maturing of the note receivable on October 1, 2021. The note receivable includes an imputed interest rate of 10%, which totaled $915,725 as of October 31, 2018, and has a 36-month amortization. As of December 31, 2018, the net carrying value of the note receivable was $4.8 million.