|12 Months Ended|
Dec. 31, 2018
|Debt Disclosure Abstract|
In March 2015, the Company entered into a lease agreement with a vendor for certain laboratory equipment. The Company financed $0.4 million of the amount owed under the lease agreement and was required to make consecutive monthly payments of principal, plus accrued interest at 6.44%, over 36 months through March 2018. All obligations were satisfied following the first quarter of 2018.
In the second quarter of 2018, the Company entered into two separate lease agreements with a vendor for certain office equipment. Under these lease agreements, the Company is funding approximately $37,000 and is required to make consecutive monthly payments of principal, plus accrued interest at 4.15%, over 36 and 60 months. All obligations under these lease agreements will be satisfied following the first quarter of 2021 and the second quarter of 2023.
During the year ended December 31, 2018, the Company made payments of approximately $52,000, of which $2,000 related to interest. At December 31, 2018, approximately $31,000 of principal was outstanding with respect to lease agreements.
The following table sets forth the Company’s future minimum payments due under capital leases as of December 31, 2018:
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef