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Long-Term Debt and Revolving Credit Arrangement | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Long-Term Debt and Revolving Credit Arrangement | 11. LONG-TERM DEBT AND REVOLVING CREDIT ARRANGEMENT
|  | September 30, 2022 |  |  | December 31, 2021 |
Term Loan - ("FCC Loan") - repayable by monthly principle of payments of $164 and accrued interest at a rate of 3.746%; matures April 1, 2025 |  | $ | 25,258 |  |  | $ | 26,723 |
Term Loan - VFCE: CA$3.0 M - non-revolving fixed rate loan with fixed interest rate of 4.98%; matures June 2023 |  |  | — |  |  |  | 491 |
Term Loan - Pure Sunfarms - CA$19.0 M - Canadian prime interest rate plus an applicable margin, repayable in quarterly payments equal to 2.50% of the outstanding principal amount, interest rate of 4.2%; matures February, 2024 |  |  | 9,825 |  |  |  | 11,870 |
Term loan - Pure Sunfarms - CA$25.0 M - 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 4.2%; matures February 2024 |  |  | 15,010 |  |  |  | 17,806 |
BDC Facility - Pure Sunfarms - non-revolving demand loan at prime interest plus 3.75%, matures December 31, 2031 |  |  | 4,207 |  |  |  | 4,946 |
Total |  | $ | 54,300 |  |  | $ | 61,836 |
The Company’s line of credit (“Operating Loan”) had $4,000 amount drawn on the facility as of September 30, 2022, while there was no amount drawn as of December 31, 2021. The carrying value of the assets and securities pledged as collateral for the FCC Loan as of September 30, 2022 and December 31, 2021 was $214,053 and $233,187, respectively. The carrying value of the assets pledged as collateral for the Operating Loan as of September 30, 2022 and December 31, 2021 was $35,421 and $34,741, respectively. On March 2, 2022, the Company repaid the outstanding balance on the VFCE Term Loan and related advance balance on term loan. The Pure Sunfarms line of credit had $3,650 and $7,760 outstanding as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021, Pure Sunfarms had an outstanding letter of credit issued to BC Hydro against the revolving line of credit of $C 5,145. The Company was in compliance with all of its credit facility covenants as of September 30, 2022. The weighted average annual interest rate on short-term borrowings as of September 30, 2022 and December 31, 2021 was 7.95% and 5.15%, respectively. Accrued interest payable on the Credit Facilities and loans as of September 30, 2022 and December 31, 2021 was $326 and $304, respectively, and these amounts are included in accrued liabilities in the Condensed Interim Statements of Financial Position. The Company is required to comply with financial covenants, measured either quarterly or annually depending on the covenant. As of September 30, 2022 the Company was in compliance with the financial covenants. The aggregate annual maturities of long-term debt for the remainder of 2022 and thereafter are as follows:
Remainder of 2022 |  | $ | 1,782 |
2023 |  |  | 7,012 |
2024 |  |  | 24,299 |
2025 |  |  | 22,729 |
2026 |  |  | 609 |
Thereafter |  |  | 2,621 |
Total |  | $ | 59,052 |

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- 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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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