Capital Lease Obligations
 3 Months Ended
Mar. 31, 2015
Leases, Capital [Abstract]  
Capital Lease Obligations
Capital Lease Obligations
As of March 31, 2015 and December 31, 2014, the Company has approximately $13.7 million and $8.0 million of manufacturing equipment acquired under capital leases, respectively. The obligations under the capital leases are being repaid in equal monthly installments over 24 to 36 month terms and include principal and interest payments with an effective interest rate of 13% to 17%.
The assets have been recorded at their fair value of $13.7 million and are included in property and equipment on the Company's balance sheet as of March 31, 2015. The assets acquired under capital leases are being amortized on a straight-line basis over 5 years in accordance with the Company's policy for depreciation of manufacturing equipment. Amortization expense on assets acquired under capital leases is included with depreciation expense. Amortization expense related to these capital leased assets was $0.5 million and $0.3 million in the three months ended March 31, 2015 and 2014, respectively.
Assets held under capital leases consist of the following (in thousands):
 
As of
 
March 31, 2015
 
December 31, 2014
Manufacturing equipment
$
13,705

 
$
7,984

Less: Accumulated amortization
(2,400
)
 
(1,885
)
    Total
$
11,305

 
$
6,099


The aggregate future minimum lease payments related to these capital leases as of March 31, 2015, are as follows (in thousands):
Years Ending December 31,
Minimum Lease
Payments
2015 (remaining)
$
5,285

2016
5,639

2017
269

Total future minimum lease payments
$
11,193

Interest expense
(1,232
)
Total capital lease obligations
$
9,961


The Company recorded $0.3 million of interest expense on the capital leases in both the three months ended March 31, 2015 and 2014.