Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.7.0.1
Lease Obligations
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Lease Obligations
11.
Lease Obligations
 
The Company has an operating lease agreement for its headquarters and manufacturing facility in Richmond, California that expires in May 2022.
 
In July 2017, the Company entered into an operating lease agreement having a five-year lease term for an office in Hamburg, Germany. The Company has an option to extend the lease for another five-year term. The Company continues to lease an office in Freiburg with plans to vacate the premises and terminate the lease agreement by the end of 2017.
 
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 other liabilities, current and other non-current liabilities in the condensed consolidated balance sheets.
 
The Company estimates future minimum payments as of June 30, 2017 to be the following:
 
Period
 
Capital Lease
 
Operating Lease
 
2017 – remainder
 
$
19
 
$
320
 
2018
 
 
37
 
 
598
 
2019
 
 
37
 
 
613
 
2020
 
 
22
 
 
625
 
2021
 
 
-
 
 
552
 
Thereafter
 
 
-
 
 
249
 
Total minimum payments
 
 
115
 
$
2,957
 
Less interest
 
 
(8)
 
 
 
 
Present value minimum payments
 
 
107
 
 
 
 
Less current portion
 
 
(34)
 
 
 
 
Long-term portion
 
$
73
 
 
 
 
 
Rent expense under the Company’s operating leases was $108 and $102 for the three months ended June 30, 2017 and 2016, respectively, and $209 and $198 for the six months ended June 30, 2017 and 2016, respectively.