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Notes Payable
12 Months Ended
Dec. 31, 2012
Notes Payable and Advances-Related Parties [Abstract]  
Notes Payable

Note 5. Notes Payable

 

Notes payable at December 31 consist of:

 

    2011     2011  
    (in thousands)  
             
Xillix Technologies Corporation, $361,000 Promissory Note issued June 26, 1998; interest            
       rate Canadian Prime plus 6% per annum; represents a debt of AccuMed;            
       due December 27, 1999     34       34  
                 
Robert Shaw, $25,000 Promissory Note issued September 20, 2001; interest rate 9% per annum     15       15  
                 
Ventana Medical Systems, Inc., $62,946 Promissory Note issued November 30, 2003; due                
       December 31, 2003; interest at 8% per annum payable after December 31, 2003     21       21  
    $ 70     $ 70  

 

The Company has failed to make principal and interest payments when due and is in breach of certain warranties and representations under the notes included above. Such notes require the holder to notify CCI in writing of a declaration of default at which time a cure period, as specified in each individual note, would commence. CCI has not received any written declarations of default from holders of its remaining outstanding notes payable.

 

During year ended December 31, 2012, the Company was advanced $639,000 from related parties. These advances are non-interest bearing and are due on demand. However, using an 8% annual interest rate the Company has recorded a non-cash interest expense totaling $231,000 and $173,000 on the outstanding balances as of December 31, 2012 and 2011, respectively.