6. Notes Payable

2014 Junior Secured Notes Payable

On June 6, 2019, the Company repaid in full all the outstanding principal, which, together with accrued and unpaid interest, totaled approximately $2.0 million, of its 12% Second-Priority Secured Non-Convertible Promissory Notes due 2019, as amended (the “2014 Secured Notes”). The 2014 Secured Notes had a maturity date of September 30, 2020, and interest was payable semi-annually in arrears. In connection with the repayment, the security agreement under which the 2014 Secured Note had been collateralized by all the assets of the Company was terminated.

2010 Junior Secured Notes Payable

The indebtedness outstanding under the 2010 Junior Secured Notes Payable (the “2010 Secured Notes”) at December 31, 2019 and 2018 was $2.8 million and $3.0 million, respectively. As discussed in Note 11, in the Company’s first fiscal quarter of 2020, it repaid in full the aggregate principal amount outstanding of the 2010 Secured Notes which, together with the Company’s payment of the related accrued interest, resulted in the retirement of the 2010 Secured Notes.

At each of December 31, 2019 and 2018, the Company’s chairman of the board of directors and one of the Company’s officers held 2010 Secured Notes, which they purchased at the date of original issuance having an aggregate principal balance of $197,000.

In January 2020, the 2010 Secured Notes were effectively refinanced through the completion of the 2020 Financing Transaction (see Note 11). Accordingly, the 2010 Secured Notes retained their non-current classification on the accompanying December 31, 2019 consolidated balance sheet as allowed by GAAP.

Scheduled Notes Payable Maturities.

Scheduled principal payments as of December 31, 2019 with respect to notes payable are summarized as follows: