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Note Payable
6 Months Ended
Jun. 30, 2021
Note Payable  
Note Payable

Note 10. Note Payable

In connection with the acquisition of CRYOPDP, the Company assumed an interest free unsecured note payable of €4.0 million ($4.8 million) repayable in two installments. The first installment of €3.0 million ($3.6 million) is to be repaid no later than December 31, 2021 and the second installment of €1.0 million ($1.2 million) is to be repaid no later than December 31, 2022. On July 7, 2021, in connection with the original terms and understanding of the repayment of the acquired debt as part of the acquisition, the repayments terms of the note payable were finalized, as described above. A fair market value discount of €0.2 million ($0.3 million) was recorded and is amortized to interest expense using the effective interest method over the term of the note.  During the three and six months ended June 30, 2021, the Company amortized €0.03 million ($0.04 million) and €0.09 million ($0.1 million), respectively, of the debt discount to interest expense for this note.