Note 7 – Debt

Outstanding debt at June 30, 2016 and December 31, 2015 is summarized as follows (in thousands):

	June 30, 2016		December 31, 2015
Current:
Third party debt	$	2,500	$	—
Related party debt		1,745		1,721
		4,245		1,721
Non-current:
Third party debt		—		2,500

Total debt	$	4,245	$	4,221

The Company entered into a loan with an unrelated party (the “Third Party Debt”) during 2014 for a principal amount of $2.5 million. The loan bears interest at 6% and had an original maturity date of January 15, 2015. In December 2014, the maturity date was extended to January 15, 2016 at the same interest rate, and in the first quarter of 2016, the maturity date was further extended to January 15, 2017 at the same interest rate. The loan is not subject to any covenants or conditions. See Note 11 for further details on the Company’s Third Party Debt.

The Company’s Related Party Debt (the “Street Capital Loan”), which is due on demand, was originally entered into in 2003 and accrued interest at 10% per annum compounded quarterly from the date funds were advanced. The Street Capital Loan is secured by the assets of the Company.

In 2014, following Street Capital Group Inc.’s (“Street Capital”) distribution of its ownership interest in HGI to Street Capital shareholders as a dividend in kind, the unpaid balance of the Street Capital Loan began accruing interest at a rate per annum equal to the lesser of the Wall St. Journal (“WSJ”) prime rate + 2.0%, or the maximum rate allowable by law. As of June 30, 2016 and December 31, 2015, the interest rate on the loan was 5.50%. Please see Note 10 for further discussion of transactions with Street Capital.

In the first quarter of 2016, the Company entered into a related party loan with a trust controlled by certain executive officers of the Company. The Company received proceeds of $0.4 million. The loan accrued interest at 10% per annum and was payable within 90 days of the loan date. The Company repaid the loan plus accrued interest in March 2016.