LONG-TERM DEBT

On March 9, 2012, the Company obtained a $4.5 million term loan from Santander to be amortized over five years (the “Santander Term Facility”). The Santander Term Facility was used to purchase tooling and equipment for new programs. Santander Term Facility bears interest at the lower of LIBOR plus 3% or Santander’s prime rate, 3.25% at December 31, 2015.

Additionally, the Company and Santander entered into a five-year interest rate swap agreement, in the notional amount of $4.5 million. Under the interest rate swap, the Company pays an amount to Santander representing interest on the notional amount at a fixed rate of 4.11% and receives an amount from Santander Bank representing interest on the notional amount of a rate equal to the one-month LIBOR plus 3%. The effect of this interest rate swap will be the Company paying a fixed interest fixed rate of 4.11% over the term of the SantanderTerm Facility.

The maturities of the long-term debt are as follows:

Year ending December 31,

2016	$1,011,491
2017	376,527
2018	47,638
2019	38,791
2020	21,005
	$1,495,452

Also included in long-term debt are capital leases and notes payable of $295,452 and $161,555 at December 31, 2015 and 2014, respectively, including a current portion of $111,491 and $71,713, respectively.

The cost of assets under capital leases was approximately $1,363,977 and $1,118,720 at December 31, 2015 and 2014, respectively. Accumulated depreciation of assets under capital leases was approximately $971,000 and $765,000 at December 31, 2015 and 2014, respectively.