Note 4--

Debt

	September 30		December 31
	2015		2014

Term loan	$	3,249,501	$	3,067,442
Revolving line of credit		-		500,000
Notes payable		356,787		-
Obligation for acquisition of technology license, net		486,861		677,248
		4,093,149		4,244,690
Less current portion		813,560		697,423
Total long-term debt	$	3,279,589	$	3,547,267

Estimated maturities of debt at September 30, 2015 are as follows:

Twelve months ending September 30,
2016	$	813,560
2017		680,008
2018		2,599,581
	$	4,093,149

On September 30, 2015, the Company entered into a series of lending agreements with a new primary lender which include agreements for a $3.25 million term loan and a $3.5 million revolving credit facility. These lending agreements replace similar borrowings under agreements with the Company’s former primary lender.

The new $3.25 million term loan is for a period of three years and requires monthly term loan payments, under a ten-year amortization, consisting of principal of $27,080 plus interest with a balloon payment for the outstanding balance due and payable on September 30, 2018. The term loan's interest rate is based on the 30-day LIBOR plus 2.25% and was 2.45% at September 30, 2015.

The new $3.5 million revolving line of credit agreement accrues interest at a floating interest rate based on the 30-day LIBOR plus 2.25% and has a maturity date of September 30, 2016. As of September 30, 2015, there were no outstanding borrowings on the revolving line of credit.

The proceeds from the new $3.25 million term loan were used to pay off the outstanding term loan and revolving line of credit balances, plus accrued interest, due under loan agreements with the Company’s former primary lender.

Borrowings under the new lending agreements are secured by all tangible and intangible assets of the Company, a whole life insurance policy on the life of the Company’s Chief Executive Officer, and by a mortgage on the real estate of the Company’s headquarters. The new lending agreements also include a covenant requiring the Company to maintain net tangible worth of not less than $9.5 million.

A description of the notes payable is presented in Note 5 -- Long-Term Incentive Compensation Plan.