Crucial 2012 Annual Report Download - page 281

36
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
For the year ended December 31, 2011
Maximum
balance
Balance as of
December 31,
2011 Interest rate Interest
expenses Accrued interest payable as of December 31, 2011
NPC $ 14,000,000 14,000,000 1.16547%~1.610727% 170,217 19,152
FCFC 4,000,000 4,000,000 1.16547%~1.610727% 51,036 5,472
FHI 2,000 — 1.16547% — —
Numonyx 4,028,570 4,028,570 2% 3,979 3,979
$ 22,028,570 225.232 28,603
Borrowings from NPC are repayable in one year and the maturity dates of the balances as of December 31,
2011 were as follows:
Principal Maturity date
$6,000,000 December 25, 2012
$5,000,000 March 2012
$3,000,000 October 31, 2012
The borrowing from FCFC was repayable in one year and the maturity date is December 5, 2012 and also was
renewed in one year and the maturity date is August 27, 2013.
The borrowing from Numonyx had a repayment period from December 20, 2011 to March 19, 2012.
(iv) Transactions of property, plant and equipment
(1) On May 1, 2009, the Company formally contracted with MTC to buy its machinery and equipment
of $2,593,000, which is payable in two installments. The first installment of $689,500 was non-interest
bearing and was paid on January 1, 2010. The final installment of $1,903,500 (classified under other
payables - related parties), which bears interest at a rate based on the contract requirement from January
1, 2011,was paid on January 1, 2011. As of December 31, 2010 and 2011, the unpaid interest expense
(classified under other payables - related parties) was $19,991 and $0, respectively.
(2) On May, 28, 2010 and December 20, 2011, the Company purchased NTC's miscellaneous equipment
of $5,150 and $8,164, respectively. As of December 31, 2010 and 2011, the fees have fully been paid.
(3) On December 16, 2009, the Company formally contracted with NTC to sell for $14,852 internet
equipment with book value of $6,326, and realized a gain on disposal of $8,526, which was accounted
for under other income - others. As of December 31, 2009 and 2010, the uncollected receivable of
$15,595, including tax value add, and $0, respectively, was classified under other receivables - related
parties.
(4) In 2010 and 2011, the Company sold its machinery and equipment to NTC at book value of $14,157
and $3,365, respectively. The gain on disposal thereof amounted to $878 and $0, respectively, which
were classified under gain on disposal of fixed assets. The receivable arising from such sale was fully