Document:

ex10-203.htm

Exhibit 10.203

MEMORANDUM OF UNDERSTANDING

THIS MEMORANDUM OF UNDERSTANDING is made as of October 10, 2011 by and between Calypte Biomedical Corporation, a Delaware corporation (the "Company"), and David Khidasheli("Mr. Khidasheli").

	 	
A.

	
The Company has informed Mr. Khidasheli of the critical situation it currently faces and that, if it is unable to obtain additional funding very soon, it will have no other alternative but to file a voluntary petition for the liquidation of the Company under the United States bankruptcy laws.

	 	
B.

	
Mr. Khidasheli has offered funding needed to complete the FDA Approval procedures for thenew Product "AWARE-2", as of October 10, 2011, and through the calendar year 2012, the Company needs additional investment of at least $1,000,000 USD. Mr. Khidasheli has offered to invest, and potentially to cause other new investors to invest, in the Company, assuming the Company follows the agree budget plan. As per documents provided to Mr. Khidasheli, the main issue is the completion of the FDA Approval for the new product "AWARE-2".

	 	
C.

	
The Company and Mr. Khidasheli are parties to certain Subscription Agreement dated asOctober 10, 2011 (the "Purchase Agreement") pursuant to which Mr. Khidasheli purchased shares of common stock of the Company and Series A warrant, as subsequently amended, and a series B warrant, as subsequently amended (collectively, the "Warrants"), to purchase additional shares of common stock at a price of $.03 per share.

	 	
D.

	
Mr. Khidasheli has offered to invest up to an additional $1,000,000 USD in the Companyaccording to a mutually agreed financial plan and may attempt to caused additional investors to invest, up to $4,000,000 in agreeable terms;

 

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Mr. Khidasheli agree as follows;

	 	
1.

	
Mr. Khidasheli will invest an aggregate amount up to $1,000,000 USD (the "Investment Amount') into the Company by investing, or causing other investors to invest, the balance of the Investment Amount, beginning with the first cash infusion of 50,000 USD on October 10th 2011. .

	 	
2.

	
The schedule of the cash infusion will be set within 30 days from the date of signing thisMOU.

 

  

  

  

 

	 	
3.

	
All payments of the Investment Amount will be made by wire transfer of immediatelyavailable funds to the following account:

 

	

Pay to: 

	FC-Silicon Valley Bank
	 	

3003 Tasman Drive

	 	Santa Clara, CA 95054, USA
	 	 
	

For Credit of: 

	Calypte Biomedical Corporation

 

 

 

	 	
4.

	
Mr. Khidasheli has received from the Company such information concerning its operation,financial condition, including, without limitation and other matters as Mr. Khidasheli has requested, and considered all factors Mr. Khidasheli deems material in deciding on the advisability of entering into this Agreement. Mr. Khidasheli acknowledges that he has had an opportunity to discuss the business and affairs of the Company with its officers and directors. Mr. Khidasheli further acknowledges that he has had access to information about the Company that he has requested. Mr. Khidasheli acknowledges that he has knowledge and experience in financial and business matters such that he is capable of evaluating the risks of the transactions contemplated by this Agreement.

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Memorandum of Understanding to be duly executed and delivered as of the date first above written.

	David Khidasheli	 	 	CALYPTE BIOMEDICAL CORPORATION	 
	 	 	 	 	 
	 	 	 	 	 
	
By: /s/ David Khidasheli

	 	 	
By: /s/ Adel Karasex10-44.htm

EXHIBIT 10.44

PROMISSORY NOTE

$2,866,879.18

Broward County, Florida

March 31, 2011

FOR VALUE RECEIVED, the undersigned, (hereinafter referred to as the ("Maker") promises to pay to the order of Cornelis F. Wit, his successors or assigns, (hereinafter referred to as "Payee"), the principal sum of TWO MILLION EIGHT HUNDRED SIXTY SIX THOUSAND EIGHT HUNDRED SEVENTY NINE AND 18/100 DOLLARS ($2,866,879.18), together with interest on the principal balance from time to time outstanding, at the rate of twelve percent (12.00%) per annum; principal and interest shall be payable as follows: interest shall be payable monthly and the balance of the principal sum, together with any  accrued  and unpaid accrued interest, shall be paid no later than April 01, 2014.

The Promissory Note hereby replaces the following Promissory Notes previously issued:

	
  

	
i.

	
Promissory Note issued on April 13, 2010 for $450,000.00 with a maturity date of December 31, 2010.

	
  

	
ii.

	
Promissory Note issued on June 29, 2010 for $115,000.00 with a maturity date of December 31, 2010.

	
  

	
iii.

	
Promissory Note issued on September 30, 2010 for $695,000.00 with a maturity date of December 31, 2010.

	
  

	
iv.

	
Promissory Note issued on December 31, 2010 for $1,197,500.00 with a maturity date of December 31, 2010.

	
  

	
v.

	
Promissory Note issued on December 31, 2010 for $409,379.18 with a maturity date of April 01, 2012.

In the event that the Maker defaults in the payment of any payment of the principal sum or interest owing hereunder when and as the same shall become due and payable and such default shall continue for a period of 15 days, then this Promissory Note shall be in default and the entire principal sum and all accrued interest shall become due and payable at once without notice and demand at the option of the Payee.  While in default, amounts outstanding under this Promissory Note shall bear interest at the rate of twelve percent (12%) per annum.

This Promissory Note may be prepaid in whole or in part at any time without penalty or premium.  All payments made shall first be applied to accrued and unpaid interest and then to principal. Any prepayment shall require payment of all accrued interest thereon.

In the event of an action to enforce this Promissory Note is commenced in a court of competent jurisdiction or in the event recourse to any court shall be deemed necessary by Payee or Payee deems it necessary to employ legal counsel in order to collect or enforce the terms and provisions hereof for any reason, including but not limited to the filing of a proof(s) of claim or any other proceedings under the Acts of Congress relating to Bankruptcy Proceedings or in any other type of receivership or insolvency proceedings, Payee shall be entitled to reasonable attorney’s fees (through and including any appellate proceedings) and all costs and expenses incurred by Payee in collecting or enforcing payment hereof.

The Maker and any endorsers, sureties, guarantors, and all others who are, or may become liable for the payment hereof, (a) severally waive presentment for payment, demand, notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Promissory Note, (b) expressly consent to all extensions of time, renewals, postponements of time of payment of this Promissory Note or other modifications hereof from time to time prior to or after the day they became due without notice, consent or consideration to any of the foregoing, (c)  expressly agree to the addition or release of any party or person primarily or secondarily liable hereon, (d)  expressly agree that the Payee shall not be required first to institute any suit, or to exhaust  its remedies against the undersigned or any other person or party to become liable hereunder in order to enforce the payment of this Promissory Note, and (e)  expressly agree that, notwithstanding the occurrence of any of the foregoing (except the express written release by the Payee of any such person), the Maker shall be and remain, directly and primarily liable for all sums due under this Promissory Note.

 

  

  

  

Notwithstanding any other provisions of this Promissory Note or any other instrument executed in connection with the loan evidenced here by, it is expressly agreed that the amounts payable under this Promissory Note or under the other aforesaid instruments for the payment of interest or any other payment in the nature of or which would be considered as interest or other charge for the use or loan of money shall not exceed the highest rate allowed by the laws of the State of Florida, from time to time, and in the event the provisions of this Promissory Note or of such other instrument referred to above in this paragraph with respect to the payment of interest  or other payments in the nature of or which would be considered as interest or other charge for the use or loan of money shall result in exceeding such limitation, then the excess over such limitation shall not be payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that such limitation will not be exceeded.  If any payment is actually made which shall result in such limitation being exceeded, the amount of the excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if in excess of the principal indebtedness, such excess shall be refunded.

 

This Promissory Note shall be construed in accordance with the laws of the State of Florida.

MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREUNDER, OR ARISING OUT OF, OR IN CONNECTION WITH THIS PROMISSORY NOTE OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER THE MAKER OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE TO EXTEND THE CREDIT EVIDENCED BY THIS NOTE.

 

MAKER:

OMNICOMM SYSTEMS, INC.

/s/ Ronald T. Linares

Ronald T. Linares

Chief Financial Officer

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