Notes and Other Receivables
|9 Months Ended|
Sep. 30, 2015
|Notes and Other Receivables [Abstract]|
|Notes and Other Receivables||
Note 7 - Notes and Other Receivables
Notes and other receivables at September 30, 2015 and December 31, 2014 consisted of the following (in thousands):
On July 17, 2014, the Company loaned $900,000 to a third party pursuant to the terms of a promissory note. The promissory note’s extended due date is December 31, 2015. The promissory note accrues interest at a rate of 8% per annum.
Other receivables primarily consist of receivables for cooperative reimbursements from vendors; marketing development funds from vendors; and revenue earned under contracts in advance of billings.
Note Receivable, Related Party
Notes receivable from related parties were $0 and $90,000 on September 30, 2015 and December 31, 2014, respectively. On June 19, 2014, AirPatrol loaned $90,000 to a related party pursuant to the terms of a promissory note. The promissory note was due December 19, 2015 and bore interest at a rate of 0.33% per annum. The note receivable was converted to compensation during the nine months ended September 30, 2015.
The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets.
Reference 1: http://www.xbrl.org/2003/role/presentationRef