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Notes Payable

6 Months Ended

Jun. 30, 2024

Note 12. Notes Payable

Notes payable consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30,		December 31,
	2024		2023
Principal amount of notes payable	$	1,368	$	1,484
Less: current portion of notes payable		(110)		(149)
Notes payable – long-term	$	1,258	$	1,335

Interest expense incurred in connection with the notes payable consisted of the following for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Interest expense	$	5	$	1	$	10	$	2
Amortization of debt discount		—		—		—		—
Total interest expense on notes payable	$	5	$	1	$	10	$	2

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 June 30, 2024 were as follows (in thousands):


Years Ending December 31,	Amount
2024 (excluding the six months ended June 30, 2024)	$	72
2025		147
2026		149
2027		146
2028		134
Thereafter		720
Total note maturities	$	1,368