Note Payable

9 Months Ended

Sep. 30, 2011

Note Payable [Abstract]

Note Payable

15. Note Payable

On May 16, 2011, the Company issued a $3,900 6% secured promissory note to an existing lender and stockholder of Alanco. The note bears interest at 6.00% per annum. The note is secured by substantially all of the assets of StarTrak and guaranteed by ORBCOMM Inc. The Company made a $200 principal payment on May 16, 2011 in accordance with the terms of note agreement. As of September 30, 2011, the note payable balance is presented net of the unamortized debt discount of $79 (See Note 3). For the three and nine months ended September 30, 2011, the Company recognized debt discount of $6 and $9, respectively, which is included in interest expense. The remaining principal payments are due in quarterly installments beginning on March 31, 2012 with a balloon payment due on December 31, 2015 is as follows:

Years ending December 31,
Remainder of 2011	$	—
2012		250
2013		300
2014		400
2015		2,750
	$	3,700