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Notes Payable

3 Months Ended

Mar. 31, 2024

Note 12. Notes Payable

Notes payable consisted of the following at March 31, 2024 and December 31, 2023 (in thousands):


	March 31,		December 31,
	2024		2023
Principal amount of notes payable	$	1,415	$	1,484
Less: current portion of notes payable		(110)		(149)
Notes payable – long-term	$	1,305	$	1,335

Interest expense incurred in connection with the notes payable consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended
	March 31,
	2024		2023
Interest expense	$	5	$	1
Amortization of debt discount		—		—
Total interest expense on notes payable	$	5	$	1

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.

SCI JA8 Notes

In connection with the acquisition of SCI JA8 in October 2023, the Company 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 March 31, 2024 were as follows (in thousands):


Years Ending December 31,	Amount
2024 (excluding the three months ended March 31, 2024)	$	110
2025		149
2026		151
2027		148
2028		135
Thereafter		722
Total note maturities	$	1,415