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NOTES RECEIVABLE | 6 Months Ended
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Jun. 30, 2012
NOTES RECEIVABLE |
NOTES RECEIVABLE | NOTE 4 – NOTES RECEIVABLE Notes Receivable – Related Party The following is a summary of amounts due from related parties, including accrued interest separately recorded, as of June 30, 2012:
Related party | Nature of relationship | Terms of the agreement | Principal amount | Accrued Interest
Secure eHealth | Secure eHealth was a 100% owned subsidiary of the Company until December 2011. Scott Haire, former CFO of Wound Management, is the managing member of Secure eHealth. | Unsecured line of credit with interest accrued at rate of 1% per annum, due on demand. | $293,233 | $733
Commercial Holding, AG | Commercial Holding AG, LLC has provided previous lines of credit to affiliates of WMT. | Unsecured note with interest accrued at rate of 10% per annum, due on demand. | 200,000 | 23,445
TOTAL |  |  | $493,233 | $24,178
Notes Receivable The Private Access Note is with an unrelated company and the loan of $1,500,000 accrues interest at 9% per annum from the day of purchase to the maturity date of July 31, 2013. As of June 30, 2012 the Company has accrued $479,994 interest and has established an allowance for this same amount. According to the terms of the Assignment and Assumption Agreement between VHGI, Private Access, Inc. (“Private Access”) and the Company, VHGI assigned all rights, title and interest in the Private Access Note, including the right to serve as collateral agent for the collateral pledged as security by Private Access, to the Company. Under the terms of the Security Agreement dated August 3, 2009, which was assigned to the Company by VHGI, the Company, and other investors hold pro rata security interests in all property of Private Access including its intellectual property. The Company received five $50,000 secured notes, with the same unrelated party as part of the June 21, 2011 note payable and warrant purchase agreement (see note 5) for a total note receivable balance of $250,000. Each $50,000 5% secured note receivable had a maturity date 49 months from the initial funding. On April 25, 2012, the note holder elected to offset the $250,000 notes receivable and $10,729 in accrued interest receivable against the related note payable and accrued interest payable. Following the offset, the balance of the five secured notes receivable and the related accrued interest is zero.

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