Debt

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Debt

7. DEBT

Revolving Line of Credit

The Company entered into a revolving credit facility with Silicon Valley Bank. On October 5, 2015, the Company renewed and amended this facility. The amended maximum borrowing under the facility is $2,000,000 less a sublimit of $262,500 in pledged banking services and as defined in the agreement, the borrowings are secured by certain collateralized accounts including $2,000,000 in collateralized accounts with Silicon Valley Bank. The facility bears interest at a rate of U.S. prime (3.50% at December 31, 2015). Interest is payable monthly and the principal is due upon maturity on October 5, 2017. At December 31, 2015, there were no amounts outstanding under this facility and unused availability under this facility was $1,737,500.

Note Payable

In January 2015, the Company financed $31,000 of the purchase of a vehicle under a term loan agreement with an auto financing company. Under the terms of the agreement, the annual interest rate is 9.74% and monthly payments of approximately $659 consisting of principal and interest is required over a 60-month term which matures in December 2019. This loan was paid off in full in August 2015.