Quarterly report pursuant to Section 13 or 15(d)

Note Receivable

Note Receivable
6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Note Receivable

11. Note Receivable


On October 1, 2018, the Company completed the sale of its retail 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 June 30, 2020, the net carrying value of the note receivable was approximately $2.9 million, with expected cash proceeds of $3.1 million.