7. LONG-TERM DEBT

The Company has two loans outstanding which bear interest at 4.75%, mature in February 2027 and are collateralized by the facility the Company owns in Corvallis, Oregon. At December 31, 2013, these loans had unpaid principal balances of $1.1 million and $0.6 million, for a total indebtedness of $1.7 million. The Company incurred interest expense on these loans of $0.1 million for each the years ended December 31, 2013, 2012 and 2011.

The following table sets forth the expected future principal payments on these loans for the years shown (in thousands):


2014	$	92
2015		98
2016		103
2017		108
2018		114
Thereafter		1,153

Total scheduled loan principal payments	$	1,668