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Notes Payable

12 Months Ended

Dec. 31, 2022

Note 11. Notes Payable

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


	December 31,
	2022		2021
Principal amount of CRYOPDP note payable	$	—	$	1,133
Principal amount of Cell&Co notes payable		415		—
Less: discount on CRYOPDP note payable		—		(47)
Total notes payable		415		1,086
Less: current portion of notes payable		(60)		—
Notes payable – long term	$	355	$	1,086

Interest expense incurred in connection with the notes payable consisted of the following for the years ended December 31, 2022 and 2021 (in thousands):


	Year Ended
	December 31,
	2022		2021
Interest expense	$	14	$	—
Amortization of debt discount		44		231
Total interest expense on notes payable	$	58	$	231

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) was paid in December 2022. A fair market value discount of €0.2 million ($0.3 million) was recorded and was 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 December 31, 2022 were as follows (in thousands):


Years Ending December 31,	Amount
2023	$	60
2024		61
2025		61
2026		62
2027		59
Thereafter		112
Total note maturities		415