Quarterly report pursuant to Section 13 or 15(d)

Lease and Note Obligations

v3.7.0.1
Lease and Note Obligations
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Lease and Note Obligations
10. Lease and Note Obligations
 
The Company has an operating lease agreement for its headquarters and manufacturing facility in Richmond, California that expires in May 2022. In addition, the Company leases nominal office space in Germany.
 
The Company has a note for $200 that it entered into in connection with the operating lease in Richmond, California to fund leasehold improvements. The note, with an interest rate of 7% is set to expire in May 2017 and is classified as a component of capital lease obligation, current.
 
In August 2015, the Company entered into a long-term capital lease obligation for equipment. The aggregate principal of the lease is $166, with an interest rate of 4.7%, minimum monthly payments of $3 and a July 1, 2020 maturity. This capital lease is classified as a component of capital lease obligation, current and other non-current liabilities in the condensed consolidated balance sheets.
 
The Company estimates future minimum payments as of March 31, 2017 to be the following:
 
Period
 
Operating Lease
 
Note Payable
 
Capital Lease
 
Total Minimum Payments
 
2017 - remainder
 
$
342
 
$
8
 
$
30
 
$
38
 
2018
 
 
479
 
 
-
 
 
37
 
 
37
 
2019
 
 
491
 
 
-
 
 
37
 
 
37
 
2020
 
 
500
 
 
-
 
 
22
 
 
22
 
2021
 
 
429
 
 
-
 
 
-
 
 
-
 
Thereafter
 
 
181
 
 
-
 
 
-
 
 
-
 
Total minimum payments
 
$
2,422
 
 
8
 
 
126
 
 
134
 
Less interest
 
 
 
 
 
-
 
 
(9)
 
 
(9)
 
Present value minimum payments
 
 
 
 
 
8
 
 
117
 
 
125
 
less current portion
 
 
 
 
 
(8)
 
 
(35)
 
 
(43)
 
Long-term portion
 
 
 
 
$
-
 
$
82
 
$
82
 
 
Rent expense under the Company’s operating leases was $101 and $96 for the three month periods ending March 31, 2017 and 2016, respectively.