Quarterly report pursuant to Section 13 or 15(d)

Loans Receivable

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Loans Receivable
3 Months Ended
Mar. 31, 2017
Loans Receivable [Abstract]  
LOANS RECEIVABLE

4. LOANS RECEIVABLE 

Loans receivable as of March 31, 2017 and December 31, 2016 consisted of the following:

    March 31,     December 31,  
    2017     2016  
Loans to employees, net of reserves of $891 and $891, respectively, due December 2017   $ 37     $ 37  
Loan to third party, due December 2017     385       345  
Loans receivable   $ 422     $ 382  

  

These loans bear interest at rates between 2% and 3% per annum. As of March 31, 2017 and December 31, 2016, the value of the collateral was below the value of the outstanding loans to employees. As a result, the Company recorded a reserve on the balance of loans to employees of $891 as of March 31, 2017 and December 31, 2016. These employees are considered related parties (refer to Note 13, Related Parties, for further detail).  

During the three months ended March 31, 2017, the Company loaned an additional $40 to a third party.