| 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 |
|
|