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Notes Payable

9 Months Ended

Sep. 30, 2023

Note 12. Notes Payable

Notes payable consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):


	September 30,		December 31,
	2023		2022
Principal amount of notes payable	$	377	$	415
Less: current portion of notes payable		(70)		(60)
Notes payable – long term	$	307	$	355

Interest expense incurred in connection with the notes payable consisted of the following for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Interest expense	$	1	$	1	$	3	$	3
Amortization of debt discount		—		10		—		30
Total interest expense on notes payable	$	1	$	11	$	3	$	33

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, 2023 were as follows (in thousands):


Years Ending December 31,	Amount
2023 (excluding the nine months ended September 30, 2023)	$	15
2024		74
2025		61
2026		61
2027		57
Thereafter		110
Total note maturities	$	377