Post-effective amendment to a registration statement that is not immediately effective upon filing

DEBT

v3.22.2
DEBT
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
DEBT    
Debt

9. DEBT

 

Debt at March 31, 2022 and December 31, 2021, was comprised of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Current portion of long-term debt

 

 

 

 

 

 

Vehicle loans(1)

 

$

38

 

 

$

50

 

Mortgage payable(2)

 

 

170

 

 

 

105

 

Note payable(3)

 

 

50

 

 

 

66

 

Total short-term debt

 

 

258

 

 

 

221

 

 

 

 

 

 

 

 

 

 

Long-term debt, net

 

 

 

 

 

 

 

 

Vehicle loans(1)

 

 

19

 

 

 

28

 

Mortgage payable(3)

 

 

8,813

 

 

 

8,857

 

Convertible debenture(3)

 

 

14,196

 

 

 

14,012

 

Total long-term debt

 

 

23,028

 

 

 

22,897

 

Total Indebtedness

 

$

23,286

 

 

$

23,118

 

 

(1)

Primarily fixed term loans on transportation vehicles. Weighted average interest rate at March 31, 2022 and December 31, 2021 was 8.2% and 7.8%, respectively.

(2)

Mortgage payable associated with the acquired processing facility. Weighted average interest rate at March 31, 2022 and December 31, 2021 was 12.5%.

(3)

Net of deferred financing costs at March 31, 2022 and December 31, 2021 of $1,669 and $1,875, respectively.

 

 Stated maturities of debt obligations are as follows as of March 31, 2022:

 

 

 

March 31,

 

(in thousands)

 

2022

 

Balance of 2022

 

$ 193

 

2023

 

 

15,783

 

2024

 

 

311

 

2025

 

 

352

 

2026 and thereafter

 

 

8,317

 

Total debt obligations

 

$ 24,956

 

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