8.	Term Loan:

At March 31, 2018, the Company determined the effective interest rate on the initial tranche of its loan with Silicon Valley Bank (the “Bank”) to be 9.48% (December 31, 2017 - 9.25%). Amortization of the debt discount was $72 for the three months ended March 31, 2018. Interest payments are made monthly.

Interest expense was $159 for the three months ended March 31, 2018.

The outstanding loan and unamortized debt discount balances are as follows:

	March 31,
	2018
Term loan	$	7,000
Less: unamortized discount on loan		(177	)
Less: current portion		(1,400	)
Accrued portion of final payment fee		53
Loan payable, long-term	$	5,476

Scheduled principal payments on outstanding debt, excluding the final payment fee of $455, as of March 31, 2018, are as follows:

2018	$	700
2019		2,800
2020		2,800
2021		700
Total	$	7,000

The loan agreement contains affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into certain transactions with affiliates, engage in any new line of business, pay dividends or make distributions, or repurchase stock, in each case subject to certain exceptions. The Company is in compliance with these covenants at March 31, 2018.

At March 31, 2018, the Company has a warrant outstanding to the Bank to purchase 50,411 of the Company’s common shares at a price per share of $2.43.