Note 8 — Long-Term Debt

Notes Payable

Notes payable consist of the following at December 31 (in thousands):


	2011			2010
Opportunity Grant Fund notes payable; non-interest bearing; principal only payments due in monthly installments of $6,667 through April 2012	$	20		$	100
Loan agreements; bear interest at 3% per annum; repayment is conditional		300			300
Total		320			400
Less current portion		(20	)		(80	)
Long-term portion	$	300		$	320

Opportunity Grant Fund Note Payable

In April 2007, the Company entered into a Settlement and Release Agreement with the Commonwealth of Pennsylvania, whereby the Company agreed to repay the original grant of $400,000 associated with its former corporate headquarters and product development activities in Malvern, Pennsylvania in 60 monthly installments of $6,667 each starting May 2007. Interest does not accrue on the outstanding balance.

Loan Agreements

In May 2008, the Company entered into loan agreements with the State of Maryland and Montgomery County whereby the repayment of the loan amounts and accrued interest is conditioned upon the Company meeting the capital investment and employment requirements during the term of the loans through 2014, as amended.

Aggregate future minimum principal payments on long-term debt at December 31, 2011 are as follows (in thousands):


Year	Amount
2012	$	20
2013		—
2014		300
Total minimum principal payments	$	320