Lines of Credit and Long Term Debt

Lines of Credit

Trans Ova has a $10,000 revolving line of credit with First National Bank of Omaha which matures on May 1, 2015. The line of credit bears interest at the greater of 2.95% above the London Interbank Offered Rate or 3.00% and was 3.11% at September 30, 2014. As of September 30, 2014, there was no outstanding balance. The amount available under the line of credit is based on the greater of eligible accounts receivable and inventory or the maximum line of credit amount. As of September 30, 2014, the amount available under the line of credit was $10,000.

Trans Ova's revolving line of credit is collateralized by certain of its assets and contain certain restricted covenants that include maintaining minimum tangible net worth, maximum allowable annual capital expenditures and working capital. Trans Ova was in compliance with these covenants as of September 30, 2014.

Exemplar has a $700 revolving line of credit with American State Bank which matures on November 1, 2015. The line of credit bears interest at 4.50% per annum. As of September 30, 2014, there was an outstanding balance of $556. As of September 30, 2014, the amount available under the line of credit was $144.

Long Term Debt

Long term debt consists of the following:



	September 30, 2014		December 31, 2013
Notes payable	$	8,127	$	—
Royalty-based financing	1,958		1,653
Other	833		—
Long term debt	10,918		1,653
Less current portion	1,490		—
Long term debt, less current portion	$	9,428	$	1,653

Trans Ova has a note payable with American State Bank which matures in April 2033 and has an outstanding principal balance of $6,036 as of September 30, 2014. Trans Ova pays monthly installments of $39, which includes interest at 3.95%. The note payable is collateralized by all of Trans Ova's assets.

Trans Ova has a non-interest bearing note payable with the Iowa Economic Development Authority which matures in July 2016 and has an outstanding principal balance of $1,466 as of September 30, 2014. Trans Ova pays quarterly installments of $183. The note payable in collateralized by certain of Trans Ova's real estate.

Exemplar has notes payable with outstanding principal balances totaling $625 as of September 30, 2014. Exemplar pays monthly installments ranging from $1 to $3 with interest rates ranging from 0% to 3.00%. These notes mature from September 2018 to May 2020 and are collateralized by certain of Exemplar's real estate or letters of credit of certain of its members.

AquaBounty has a royalty-based financing grant from the Atlantic Canada Opportunities Agency ("ACOA"), a Canadian government agency, to provide funding of a research and development project. The total amount available under the award is $2,574, which AquaBounty can claim over a five year period. All amounts claimed by AquaBounty must be repaid in the form of a 10% royalty on any products commercialized out of this research and development project until fully paid. Because the timing of commercialization is subject to regulatory approval, the timing of repayment is uncertain. As of the acquisition date, AquaBounty had claimed $1,952 of the available funds and this amount was recorded at its acquisition date fair value of $1,107 (Note 4). The Company accretes the difference of $845 between the face value of amounts drawn and the acquisition date fair value over the expected period of repayment. Since the acquisition date and through September 30, 2014, AquaBounty has made subsequent claims of $767 resulting in total long term debt of $1,958 as of September 30, 2014.

Future maturities of long term debt are as follows:



2014	$	309
2015	1,681
2016	1,068
2017	362
2018	508
2019	335
Thereafter	4,697
Total	$	8,960

The AquaBounty royalty-based financing grant is not included in the table above due to the uncertainty of the timing of repayment.