Note 10 – Long-Term Debt

Notes Payable

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

	2015		2014
Equipment loan; 12.1%, principal payments due in monthly installments totaling $48 through December 2016	$	395	$	967
Bank loans; repaid in 2015		—		31
Total		395		998
Less — current portion		(395)		(603)
Long-term portion	$	—	$	395

Equipment Loan

In September 2012, the Company entered into a master security agreement with General Electric Capital Corporation (“GE”), whereby the Company could borrow up to $2.0 million to finance the purchases of equipment (each, an “Equipment Loan”). Each Equipment Loan bears interest at the three-year U.S. Government treasury rate plus 11.68%, provided that the rate shall not be less than 12.1%, and is to be repaid over forty-two (42) months. GE will maintain a security interest in all equipment financed under the Equipment Loan. Interest accrues on the outstanding balance until paid in full. As of December 31, 2013, the Company financed $2.0 million in total under the Equipment Loans.

Aggregate future minimum principal payments on long-term debt at December 31, 2015 are as follows (in thousands):

Year	Amount
2016	$	395
Total minimum principal payments	$	395