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Notes Payable

12 Months Ended

Dec. 31, 2024

Note 13. Notes Payable

Notes payable, bearing interest rates of 0.6% and 1.06% and maturing September 2030, consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,
	2024		2023
Principal amount of notes payable		1,257		1,484
Less: current portion of notes payable		(143)		(149)
Notes payable – long-term	$	1,114	$	1,335

Interest expense incurred in connection with the notes payable consisted of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	December 31,
	2024		2023		2022
Interest expense	$	20	$	12	$	14
Amortization of debt discount		—		—		44
Total interest expense on notes payable	$	20	$	12	$	58

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 asset 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 December 31, 2024 were as follows (in thousands):


Years Ending December 31,	Amount
2025	$	143
2026		144
2027		141
2028		130
2029		131
Thereafter		568
Total note maturities	$	1,257