Ekso Bionics Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Lease and Note Obligations

Lease and Note Obligations

6 Months Ended

Jun. 30, 2016

9. Lease and Note Obligations

On November 29, 2011, the Company entered into an operating lease agreement for its headquarters and manufacturing facility in Richmond, California. The lease term commenced in March 2012 and expires in May 2017. The lease provides the Company with one option to renew for five additional years. The Company also leases nominal office space in Germany.

In 2012, the Company entered into a note agreement in connection with the lease for its Richmond, California facility. The note, for an aggregate principal of $200, with an interest rate of 7%, minimum monthly payments of $4, and a May 31, 2017 maturity, was used to fund leasehold improvements. This note is classified as a component of capital lease obligation-current and other non-current liabilities in the condensed consolidated balance sheets. Commencing 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 June 30, 2016 to be the following:

Period	Operating Lease		Note Payable		Capital Lease		Total Minimum Payments
2016 - remainder	$	232	$	24	$	22	$	46
2017		246		20		40		60
2018		89		-		37		37
2019		89		-		37		37
2020		87		-		22		22
Total minimum payments	$	743		44		158		202
Less interest				(2)		(14)		(16)
Present value minimum payments				42		144		186
Less current portion				(42)		(36)		(78)
Long-term portion			$	-	$	108	$	108

Rent expense under the Company’s operating leases was $102 and $86 for the three month periods ended June 30, 2016 and 2015, respectively, and was $198 and $172 for the six month periods ended June 30, 2016 and 2015, respectively.