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Transactions with Olympus Corporation
 3 Months Ended
Mar. 31, 2015
Transactions with Olympus Corporation [Abstract]  
Transactions with Olympus Corporation
4.Transactions with Olympus Corporation

The Company’s obligation to Olympus, for the purchase of our interest in the Joint venture, has yet to be settled, and accordingly, the obligation calls for $6.0 million in total payments to be made by May 8, 2015. Since we have made payments totaling $2.8 million through March 31, 2015, our remaining payment obligation under this option is now $3.2 million.

As a result of our quarterly reassessment, we have recorded additional interest expense of $0.2 million during the three months ended March 31, 2015, and have a remaining unrecognized future discount amount of approximately $0.1 million as of March 31, 2015.
 
On April 30, 2015, the Company entered into Amendment One to Joint Venture Termination Agreement (the “Amendment”) with Olympus Corporation (“Olympus”) to that certain Joint Venture Termination Agreement, dated May 8, 2013, by and between Cytori Therapeutics, Inc. and Olympus (the “Agreement”) in order to extend our payment obligations under the Agreement.

Under the Agreement, we are required to pay Olympus a total purchase price of $6 million within two years of the date of the Agreement.  The Amendment amends the payment terms to extend the period for payment of the remaining balance of the $6 million, or $3.2 million, with the balance of the purchase price bearing an interest rate of 6% per annum. Pursuant to the amendment,we paid $1 million on May 8, 2015 and are required to pay $0.5 million of principal on or prior to September 30, 2015, $0.5 million of principal on or prior to December 31, 2015, $0.5 million of principal on or prior to March 31, 2016, and the remaining $0.7 million of principal and accrued interest on or prior to May 8, 2016.  We may prepay the remaining principal and accrued interest at any time without penalty.

In accordance with the terms of the Agreement, if we fail to pay the full balance of any installment payment, we will be required to pay Olympus the extended purchase price of a total of $16 million on or prior to March 1, 2020, with any principal payments previously paid applied towards the extended purchase price.