XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.21.2

Debt | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt |
11 | DEBT
|  | September 30, 2021 |  |  | December 31, 2020 |
Term Loan - ("FCC Loan") - repayable by monthly principle of payments of $164 and accrued interest at a rate of 3.691%; matures April 1, 2025 |  | $ | 27,214 |  |  | $ | 28,690 |
Term Loan - VFCE: CA$3.0M - non-revolving fixed rate loan with fixed interest rate of 4.98%; matures June 2023 |  |  | 595 |  |  |  | 797 |
Advance on term loan - VFCE: CA$250 - repayable in monthly installments of principle plus interest rate of CA$ prime rate plus 200 basis points - paid in full June 2021 |  |  | — |  |  |  | 69 |
Term Loan - Pure Sunfarms - CA$19.0M - Canadian prime interest rate plus an applicable margin, repayable in quarterly payments equal to 2.50% of the outstanding principal amount, interest rate of 4.95%; matures February, 2024 |  |  | 12,177 |  |  |  | 13,385 |
Term loan - Pure Sunfarms - CA$25.0 - Canadian prime interest rate plus an applicable margin, repayable in quarterly payments equal to 2.50% of the outstanding principal amount starting June 30, 2021, interest rate of 4.95%; matures February 2024 |  |  | 18,169 |  |  |  | 16,535 |
BDC Facility - Pure Sunfarms - non-revolving demand loan at prime interest plus 3.75%, matures December 31, 2031 |  |  | 4,910 |  |  |  | 4,905 |
Unamortized deferred financing fees |  |  | — |  |  |  | (302 | )
Total |  | $ | 63,065 |  |  | $ | 64,079 |
| The Company’s line of credit (“Operating Loan”) had no amount drawn on the facility as of September 30, 2021, while there was $2,000 drawn as of December 31, 2020.
The carrying value of the assets and securities pledged as collateral for the FCC Loan as of September 30, 2021 and December 31, 2020 was $223,788 and $86,664, respectively. The carrying value of the assets pledged as collateral for the Operating Loan as of September 30, 2021 and December 31, 2020 was $28,414 and $23,443, respectively. The Company was in compliance with all of its credit facility covenants as of September 30, 2021. On March 15, 2021, Pure Sunfarms entered into the Third Amended and Restated Credit Agreement (the “Third Amended and Restated PSF Credit Agreement) with Farm Credit Canada and two Canadian chartered banks, which extended the maturity date of each of the PSF Revolving Line of Credit, PSF Non-Revolving Facility and the PSF Term Loan through February 7, 2024, included an unlimited guarantee from Village Farms and changed certain financial covenants. The Third Amended and Restated PSF Credit Agreement amended and updated the previous three loan facilities. The PSF Revolving Line of Credit had no balance as of September 30, 2021 and December 31, 2020, respectively. The weighted average annual interest rate on short-term borrowings as of September 30, 2021 and December 31, 2020 was 5.30% and 5.11%, respectively. Accrued interest payable on the C redit F acilities and loans as of September 30, 2021 and December 31, 2020 was $34 and $189, respectively, and these amounts are included in accrued liabilities in the Condensed I nterim S tatements of F inancial P osition. The aggregate annual maturities of long-term debt for the remainder of 2021 and thereafter are as follows:
Remainder of 2021 |  | $ | 1,920 |
2022 |  |  | 7,884 |
2023 |  |  | 7,534 |
2024 |  |  | 26,052 |
2025 |  |  | 22,278 |
Thereafter |  |  | 3,491 |
Total |  | $ | 69,159 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration