Lowell Farms Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT

DEBT

3 Months Ended

Mar. 31, 2023

DEBT

Debt

8. DEBT

Debt at March 31, 2023 and December 31, 2022, was comprised of the following:

	March 31,		December 31,
(in thousands)	2023		2022
Current portion of long-term debt
Vehicle loans⁽¹⁾	$	11	$	15
Mortgage payable⁽²⁾		262		257
Note payable		-		10
Convertible debenture⁽³⁾		21,626		21,398
Total short-term debt		21,899		21,680

Long-term debt, net
Vehicle loans⁽¹⁾		2		3
Mortgage payable⁽²⁾		8,664		8,713
Total long-term debt		8,666		8,716
Total Indebtedness	$	30,565	$	30,396
______________________
(1) Primarily fixed term loans on transportation vehicles. Weighted average interest rate at March 31, 2023 and December 31, 2022 was 6.3% and 6.4%, respectively.
(2) Mortgage payable associated with the acquired processing facility. Weighted average interest rate at March 31, 2023 and December 31, 2022 was 12.5%. Net of deferred financing costs as of March 31, 2023 and December 31, 2022 of $274 and $296, respectively.
(3) Net of deferred financing costs at March 31, 2023 and December 31, 2022 of $532 and $759, respectively.

Stated maturities of debt obligations are as follows as of March 31, 2023:

	March 31,
(in thousands)	2023
Balance of 2023	$	22,361
2024		290
2025		330
2026		8,390
Total debt obligations	$	31,371

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details