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Loans Payable (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Loans Payable

The Company's loans payable consisted of the following:

 

 

March 31, 2024

 

 

December 31, 2023

 

Chicago Atlantic term loan due November 2024

 

 

 

 

 

 

Principal amount

 

$

24,404

 

 

$

24,611

 

Deferred financing cost

 

 

 

 

 

 

Net carrying amount

 

$

24,404

 

 

$

24,611

 

 

 

 

 

 

 

 

Ilera term loan due December 2024

 

 

 

 

 

 

Principal amount

 

$

72,127

 

 

$

76,927

 

Deferred financing cost

 

 

(2,340

)

 

 

(3,191

)

Net carrying amount

 

$

69,787

 

 

$

73,736

 

 

 

 

 

 

 

 

Stearns loan due December 2024

 

 

 

 

 

 

Principal amount

 

$

24,721

 

 

$

24,809

 

Deferred financing cost

 

 

(611

)

 

 

(791

)

Net carrying amount

 

$

24,110

 

 

$

24,018

 

 

 

 

 

 

 

 

Pelorus term loan due October 2027

 

 

 

 

 

 

Principal amount

 

$

45,478

 

 

$

45,478

 

Deferred financing cost

 

 

(1,413

)

 

 

(1,490

)

Net carrying amount

 

$

44,065

 

 

$

43,988

 

 

 

 

 

 

 

 

Maryland Acquisition loans (1)

 

 

 

 

 

 

Principal amount

 

$

19,495

 

 

$

19,873

 

Unamortized discount

 

 

(1,229

)

 

 

(1,403

)

Net carrying amount

 

$

18,266

 

 

$

18,470

 

 

 

 

 

 

 

 

Other loans

 

$

2,322

 

 

$

2,698

 

 

 

 

 

 

 

 

Short-term debt

 

$

9,123

 

 

$

11,849

 

Current portion of long-term debt

 

$

124,545

 

 

 

125,888

 

Loans payable, current

 

$

133,668

 

 

 

137,737

 

 

 

 

 

 

 

 

Loans payable, non-current

 

$

58,409

 

 

$

61,633

 

Total loans payable

 

$

192,077

 

 

$

199,370

 

 

 

 

 

 

 

 

(1) For maturity breakout, refer to Maryland Acquisition Loans section below.

 

 

 

 

 

 

 

Summary of Stated maturities of Loans Payable

Stated maturities of loans payable over the next five years are as follows:

 

 

 

March 31, 2024

 

2024

 

$

132,677

 

2025

 

 

7,942

 

2026

 

 

11,082

 

2027

 

 

44,483

 

2028

 

 

1,000

 

Thereafter

 

 

 

Total principal payments

 

$

197,184