Notes to Unaudited Condensed Consolidated Financial Statements
Subsequent Events (continued)
On December 9, 2009, a director exercised stock options to purchase 100,000 shares of common stock for proceeds of $7,449.
On December 12, 2009 our note receivable with Avot became due. We have granted Avot a temporary forbearance until January 31, 2010 while Avot is in negotiations for the sale of its business.
On December 22, 2009, we paid Avot the final $50,000 installment pursuant to the development agreement with PDSG.
On December 24, 2009 we loaned $950,000 to TPL, to cover operating costs in furtherance of MMP portfolio licensing, which is due and payable on or before July 12, 2010. Terms of the loan require interest payable at the rate of 10%, and the loan is secured by TPL’s portion of its license receivable distribution currently accounted for as license fees receivable on the November 30, 2009 balance sheet of PDS (see Note 11).
