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Notes Payable

12 Months Ended

Dec. 31, 2023

Note 11. Notes Payable

Notes payable, bearing interest rates of 0.6% and 1.06% and maturing September 2030, consisted of the following at December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Principal amount of notes payable		1,484		415
Less: current portion note payable		(149)		(60)
Notes payable – long term	$	1,335	$	355

Interest expense incurred in connection with the notes payable consisted of the following for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	December 31,
	2023		2022			2021
Interest expense	$	12	$	14	$	—
Amortization of debt discount		—		44		231
Total interest expense on notes payable	$	12	$	58	$	231

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 June 2030, respectively.

SCI JA8 Notes

In connection with the asset acquisition of SCI JA8 in October 2023, we assumed three notes payable totaling €1.0 million ($1.1 million) bearing interest rates of 0.85%, 1.60% and 1.63%, respectively, payable monthly, maturing in September 2031, September 2038 and July 2035, respectively.

Future note payments as of December 31, 2023 were as follows (in thousands):


Years Ending December 31,	Amount
2024		149
2025		151
2026		153
2027		150
2028		138
Thereafter		743
Total note maturities	$	1,484