XML 54 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
10. NOTE PAYABLE
9 Months Ended
Sep. 30, 2012
Note Payable  
Note 10. NOTE PAYABLE

 

In July 2011, the Company entered into an equipment financing agreement with a bank in the amount of $123,000, which is recorded in other current liabilities and other liabilities in the accompanying consolidated balance sheet. The proceeds of the note payable were used to finance certain equipment purchases and other services related to the relocation of the Company’s Carlsbad, California office. The note payable bears interest at 5.85% and is collateralized by a first priority security interest in the equipment purchased with the proceeds. The Company will make 36 equal monthly payments in the amount of approximately $3,700 each, which includes interest, until fully paid in August 2014. As of September 30, 2012, approximately $80,000 remained outstanding under this financing agreement.