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Notes Payable
3 Months Ended
Mar. 31, 2018
Notes Payable  
Notes Payable

 

7.   Notes Payable

 

Credit Agreement

 

On August 30, 2016, the Company entered into a one-year credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”) providing for a term loan in the principal amount of $5,000 (the “Loan”) and borrowed the full $5,000 available under the Credit Agreement. In connection with the agreement, the Company issued warrants to two members of the Company’s Board of Directors in exchange for providing a guarantee on the debt (Note 8).  The Credit Agreement was fully satisfied with a principal repayment to Wells Fargo of $5,000 on August 31, 2017.

 

The Company recognized interest expense of $298 during the three months ended March 31, 2017.  The Company recognized $273 related to the accretion of the debt discount during the three months ended March 31, 2017.