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Notes Payable to Former Stockholders | 9 Months Ended
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Sep. 30, 2016
Payables and Accruals [Abstract] |
Notes Payable to Former Stockholders |
5. | Notes Payable to Former Stockholders
In conjunction with the Spin-Off and IPO, notes payable to certain former stockholders of MMREIS were issued in settlement of restricted stock and SARs awards that were redeemed by MMREIS upon the termination of employment by these former stockholders (“the Notes”), which had been previously assumed by MMC, and were transferred to the Company. The Notes are unsecured and bear interest at 5% with annual principal and interest installments and a final principal payment due during the second quarter of 2020. During each of the nine months ended September 30, 2016 and 2015, the Company made total payments on the Notes of $1.5 million. Accrued interest pertaining to the Notes consisted of the following (in thousands):
|  | September 30, 2016 |  |  | December 31, 2015 |
Accrued interest (1) |  | $ | 216 |  |  | $ | 367 |
(1) | Recorded in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets.
Interest expense pertaining to the Notes consisted of the following (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Interest expense |  | $ | 122 |  |  | $ | 133 |  |  | $ | 381 |  |  | $ | 414 |

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- Definition The entire disclosure for notes payable to former stockholders. + References No definition available. + Details
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- References No definition available. + Details
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