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

Quarterly report pursuant to Section 13 or 15(d)

DEBT

DEBT

9 Months Ended

Sep. 30, 2022

DEBT

Debt

9. DEBT

Debt at September 30, 2022 and December 31, 2021, was comprised of the following:

	September 30,		December 31,
(in thousands)	2022		2021
Current portion of long-term debt
Vehicle loans⁽¹⁾	$	27	$	50
Mortgage payable⁽²⁾		249		105
Note payable		25		66
Total short-term debt		301		221

Long-term debt, net
Vehicle loans⁽¹⁾		6		28
Mortgage payable⁽²⁾		8,760		8,857
Convertible debenture⁽³⁾		21,177		14,012
Total long-term debt		29,943		22,897
Total Indebtedness	$	30,244	$	23,118
______________________
(1) Primarily fixed term loans on transportation vehicles. Weighted average interest rate at September 30, 2022 and December 31, 2021 was 6.7% and 7.8%, respectively.
(2) Mortgage payable associated with the acquired processing facility. Weighted average interest rate at September 30, 2022 and December 31, 2021 was 12.5%. Net of deferred financing costs as September 30, 2022 and December 31, 2021 of $317 and $398, respectively.
(3) Net of deferred financing costs at September 30, 2022 and December 31, 2021 of $980 and $1,477, respectively.

Stated maturities of debt obligations are as follows as of September 30, 2022:

	September 30,
(in thousands)	2022
Balance of 2022	$	112
2023		22,421
2024		288
2025		330
2026 and thereafter		8,390
Total debt obligations	$	31,541

- 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