Lowell Farms Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

DEBT

DEBT

12 Months Ended

Dec. 31, 2021

DEBT

DEBT

9. DEBT

Debt at December 31, 2021 and 2020, was comprised of the following:

	December 31,		December 31,
(in thousands)	2021		2020
Current portion of long-term debt
Vehicle loans⁽¹⁾	$	50	$	170
Mortgage payable⁽⁴⁾		105		-
Note payable⁽³⁾		66		1,043
Total short-term debt		221		1,213

Long-term debt, net
Vehicle loans⁽¹⁾		28		233
Note payable⁽²⁾		-		65
Note payable⁽³⁾		-		5
Mortgage payable⁽⁴⁾		8,857		-
Convertible debenture⁽⁵⁾		14,012		13,701
Total long-term debt		22,897		14,004
Total Indebtedness	$	23,118	$	15,217

_____________

⁽¹⁾	Primarily fixed term loans on transportation vehicles. Weighted average interest rate at December 31, 2021 was 7.8%.
⁽²⁾	Net of deferred financing costs of $398.
⁽³⁾	Note payable in connection with Humble Flower and Kaizen acquisitions and termination of the W Vapes acquisition. Weighted average interest rate at December 31, 2021 was 4%.
⁽⁴⁾	Mortgage payable associated with the acquired processing facility. Weighted average interest rate at December 31, 2021 was 12.5%.
⁽⁵⁾	Net of deferred financing costs of $1,477.

Stated maturities of debt obligations are as follows as of December 31, 2021:

	December 31,
(in thousands)	2021
2022	$	250
2023		15,839
2024		395
2025		421
2026 and thereafter		8,088
Total debt obligations	$	24,993

- 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