Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

16.   Subsequent Events

 

On January 31, 2013, the Company entered into a lease agreement (the "Lease") under which the Company will lease approximately 80,000 square feet of office, laboratory and warehouse space in Marietta, Georgia.  This building will become the Company's new corporate headquarters.

The initial term of the lease is sixty-nine (69) months commencing on May 1, 2013. Base rental payments over the term of the lease total approximately $7,100,000.  Under the Lease, the Company is obligated to post a security deposit in the amount of $499,087.  As of the date of this report approximately $250,000 of this obligation has been deposited.

During the months of January and February 2013, all holders of the Convertible Senior Secured Promissory Notes converted their interest in this obligation to shares of MiMedx common stock.  The total amount of debt plus accrued interest that was exchanged was $5,271,963.  In conjunction with this exchange 5,271,963 shares of the Company's common stock were issued in full satisfaction of this obligation.  Included in this total are 532,260 shares representing Mr. Petit's conversion of his note.