NOTE PAYABLE

3 Months Ended

Mar. 31, 2014

NOTE PAYABLE

NOTE PAYABLE

7. NOTE PAYABLE

In May 2013, the Company entered into a contract for the purchase of an Enterprise Resource Planning (“ERP”) system for $150,000. The total cost for the ERP system, including interest, was approximately $159,000, with an implicit interest rate of approximately 6%.

Pursuant to the terms of the non-cancelable purchase agreement in effect at March 31, 2014, the future minimum principal payments are as follows:

Year Ended December 31, (in thousands)
2014	55
2015	19
Total	$	74

In the third quarter of 2013, the Company abandoned the implementation of the ERP system. As such, the purchase commitment was fully expensed in 2013.