OTHER LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2011

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

(9) OTHER LONG-TERM LIABILITIES

        Other long-term liabilities include the following:

	December 31, 2011			December 31, 2010
	(In thousands)
Deferred Rent	$	435		$	450
Severance		—			685
Net Deferred Tax Liability		4,661			4,661
Deferred Income from Sale of Tax Benefits		510			—
Loan Payable		527			581
Other		52			32
Total		6,185			6,409
Less Current Portion		(219	)		(818	)
Long-Term Portion	$	5,966		$	5,591

Sale of Tax Benefits

        In January 2011, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits worth $0.6 million (consisting of R&D tax credits) to an independent third party for $0.5 million. Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed. The Company is recognizing the $0.5 million over five years starting in 2012.

Loan Payable

        In December 2003, the Company entered into a lease with the Massachusetts Development Finance Agency whereby the Company received a loan to finance the build-out of its manufacturing facility in Fall River, Massachusetts. Principal and interest payments on the loan are due monthly using an amortization period of 15 years and interest accrues at a rate of 5.5% per annum. The Company is obligated to repay the following principal amounts for the loan as follows (in thousands):

2012	$	51
2013		58
2014		60
2015		63
2016		66
Thereafter		229
Total	$	527