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Related-Party Transactions
12 Months Ended
Dec. 31, 2015
Related-Party Transactions  
Related-Party Transactions

9. Related-Party Transactions

 

The Company leases its operating facility in Indiana from an entity that is owned by a stockholder, who was a member of the Company’s Board of Directors until August 7, 2015. The lease expires in January 2018 and requires the Company to pay property taxes, insurance and normal maintenance costs. The Company paid rent of $108 from January 1, 2015 through August 7, 2015, the date on which the former member of the Company’s Board of Directors resigned, and was therefore no longer considered a related party.  During each of the years ended December 31, 2014 and 2013, the Company paid rent of $175.

 

In conjunction with certain officer and non-officer Company employees acquiring Series A Preferred and Common Stock during 2013 and 2012, the Company obtained notes receivable from the employees that were paid in full on August 17, 2015 and are no longer outstanding as of December 31, 2015.  See Note 13 “Stockholders’ Equity” for further discussion.