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Notes Payable

9 Months Ended

Sep. 30, 2022

Note 10. Notes Payable

Notes payable consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):


	September 30,		December 31,
	2022		2021
Principal amount of CRYOPDP note payable	$	980	$	1,133
Principal amount of Cell&Co notes payable		392		—
Less: discount on CRYOPDP note payable		(11)		(47)
Total notes payable		1,361		1,086
Less: current portion of notes payable		(1,010)		—
Notes payable – long term	$	351	$	1,086

Interest expense incurred in connection with the notes payable consisted of the following for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Interest expense	$	1	$	—	$	3	$	—
Amortization of debt discount		10		43		30		141
Total interest expense on notes payable	$	11	$	43	$	33	$	141

CRYOPDP Note

In connection with the acquisition of CRYOPDP, the Company assumed an interest free unsecured note payable of €4.0 million ($4.5 million) repayable in two installments. The first installment of €3.0 million ($3.4 million) was paid in December 2021 and the second installment of €1.0 million ($1.1 million) is to be repaid no later than December 31, 2022. 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.

Cell&Co Notes

In connection with the acquisition of Cell&Co, the Company assumed two notes payable totaling €0.4 million ($0.4 million) bearing interest rates of 0.6% and 1.06%, respectively, payable quarterly, maturing in July 2027 and September 2030, respectively.

Future note payments as of September 30, 2022 were as follows (in thousands):


Years Ending December 31,	Amount
2022 (excluding the nine months ended September 30, 2022)	$	993
2023		55
2024		56
2025		56
2026		57
Thereafter		155
Total note maturities		1,372
Debt discount		(11)
Net notes payable carrying value	$	1,361