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Due To PAVmed Inc.
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Due To PAVmed Inc.

Note 5 — Due To PAVmed Inc.

 

The aggregate Due To: PAVmed Inc., inclusive of the Senior Unsecured Promissory Note, for the periods indicated is summarized as follows:

 

   Note   Note   Advances   Payments   Fees   Total 
   Principal   Interest                 
   Senior   Unsecured   Working   PAVmed         
   Unsecured   Senior   Capital   Inc.         
   Promissory   Promissory   Cash   OBO   MSA     
   Note   Note   Advances   Payments   Fees   Total 
Balance - December 31, 2020  $—   $—   $8,200,000   $2,361,435   $2,700,000   $13,261,435 
Nine months ended September 30, 2021   —    —    7,738,910    178,309    2,510,000    10,427,219 
Issue Unsecured Senior Promissory Note   22,400,000    —    (15,938,910)   (2,411,090)   (4,050,000)   — 

Unsecured Senior Promissory Note -

- Interest Expense

   —    593,813    —    —    —    593,813 
Balance - September 30, 2021  $22,400,000   $593,813   $—   $128,654   $1,160,000   $24,282,467 

 

   Principal   Interest                 
   Unsecured   Unsecured   Working   PAVmed         
   Senior   Senior   Capital   Inc.         
   Promissory   Promissory   Cash   OBO   MSA     
   Note   Note   Advances   Payments   Fees   Total 
Balance - December 31, 2019  $—   $—   $2,621,500   $1,678,927   $1,020,000   $5,320,427 
Nine months ended September 30, 2020   —    —    3,978,500    334,425    1,110,000    5,422,925 
Balance - September 30, 2020  $—   $—   $6,600,000   $2,013,352   $2,130,000   $10,743,352 

 

Lucid Diagnostics Inc. has principally financed its operations through working capital cash advances from PAVmed Inc. and the periodic payment of certain operating expenses by PAVmed Inc. on-behalf-of Lucid Diagnostics Inc. (the “PAVmed Inc. OBO Payments”). Additionally, the daily operations of Lucid Diagnostics Inc. are managed by personnel employed by PAVmed Inc., for which the Company incurs expense according to the provisions of a Management Services Agreement (MSA) between the Company and PAVmed Inc (the “MSA Fee”). See Note 4, Related Party Transactions, for further information regarding the MSA.

 

Senior Unsecured Promissory Note

 

Subsequent to September 30, 2021, on October 13, 2021, Lucid Diagnostics Inc. issued 15,803,200 shares of its common stock to PAVmed Inc. upon the election by PAVmed Inc. to convert the $22.4 million face value principal under the terms of a Senior Unsecured Promissory Note, dated June 1, 2021. The Senior Unsecured Promissory Note was issued by Lucid Diagnostics Inc. to PAVmed Inc. with a face value principal of $22.4 million, which replaced the aggregate outstanding and payable balance of the Due To: PAVmed Inc. as of June 1, 2021, had an annual interest rate of 7.875%, a contractual maturity date of May 18, 2028, and, at the election of PAVmed Inc., provided for the partial or full repayment of the face value principal and accrued but unpaid interest thereon by the issue of shares of Lucid Diagnostics Inc. common stock at a conversion price of $1.42 per share of Lucid Diagnostics Inc. common stock.