Note 7 - Notes Payable

12 Months Ended

Dec. 31, 2019

NOTES PAYABLE

Notes payable is summarized as follows:

	As of December 31,
(In thousands)	2019		2018
(a) Acquisition Note Payable - related party	$	—	$	5,304
(b) Notes Payable - Financing notes		473		—
Ending balance	$	473	$	5,304

(a)

The note payable to International Electronic Devices, Inc. (formerly CUI, Inc.) is associated with the acquisition of CUI, Inc. The promissory note was due

May 15, 2020

and included a

interest rate per annum, with interest payable monthly and the principal due as a balloon payment at maturity. The note included a contingent conversion feature, such that in the event of default on the note the holder of the note could, at the holder’s option, convert the note principal into common stock at

$0.001

per share. Upon the sale of the Company's electromechanical components business on

September 30, 2019,

the buyer also assumed the

$5.3

million related party note payable as partial payment.

(b)

Two notes payable for

$358

thousand and

$374

thousand to First Insurance Funding were executed in

July

and

November 2019

by CUI Global for the purpose of financing a portion of the Company's insurance coverage. Note

has an annual percentage rate of

4.83%

with

eight

monthly payments of approximately

$46

thousand and will be paid off by

March 1, 2020

and Note

has an annual percentage rate of

4.85%

with

ten

monthly payments of approximately

$38

thousand and will be paid off by

September 1, 2020 .

The following table details the maturity of the notes payable for CUI Global, Inc.:

(In thousands)
	As of December 31, 2019
2020	$	473
2021		—
2022		—
2023		—
2024		—
Thereafter		—
Total	$	473