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Notes Payable

3 Months Ended

Mar. 31, 2023

Note 10. Notes Payable

Notes payable consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):


	March 31,		December 31,
	2023		2022
Principal amount of notes payable	$	425	$	415
Less: current portion of notes payable		(61)		(60)
Notes payable – long term	$	364		355

Interest expense incurred in connection with the notes payable consisted of the following for the three months ended March 31, 2023 and 2022 (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Interest expense	$	1	$	—
Amortization of debt discount		—		11
Total interest expense on notes payable	$	1	$	11

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 March 31, 2023 were as follows (in thousands):


Years Ending December 31,	Amount
2023 (excluding the three months ended March 31, 2023)	$	52
2024		76
2025		62
2026		63
2027		59
Thereafter		113
Total note maturities	$	425