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Line of Credit and Long-term Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Line of Credit and Long-term Debt

6. LINE OF CREDIT AND LONG-TERM DEBT

The following table provides details for the carrying values of debt as of:

 

 

June 30, 2024

 

 

December 31, 2023

 

Term Loan - ("FCC Loan") - repayable by monthly principal payments of $164 and accrued interest at a rate of 8.90%; matures May 3, 2027

 

$

21,804

 

 

$

22,788

 

Term Loan - Pure Sunfarms - C$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 8.95%; matures February 7, 2026

 

 

7,310

 

 

 

8,298

 

Term loan - Pure Sunfarms - C$25.0M - 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 8.95%; matures February 7, 2026

 

 

11,879

 

 

 

13,201

 

BDC Facility - Pure Sunfarms - non-revolving demand loan repayable by monthly principal payments of C$52 and accrued interest at a rate of 10.95%, matures December 31, 2031

 

 

3,426

 

 

 

3,771

 

Total

 

$

44,419

 

 

$

48,058

 

The Company’s line of credit with Bank of Montreal ("Operating Loan") had $4,000 amount drawn on the facility as of June 30, 2024 and December 31, 2023.

The carrying value of the assets and securities pledged as collateral for the FCC Loan as of June 30, 2024 and December 31, 2023 was $80,400 and $117,293, respectively.

The carrying value of the assets pledged as collateral for the Operating Loan as of June 30, 2024 and December 31, 2023 was $23,359 and $28,034, respectively.

The Pure Sunfarms line of credit had a balance of $0 as of June 30, 2024 and December 31, 2023, respectively.

The Company is required to comply with financial covenants, measured either quarterly or annually depending on the covenant. The Company was in compliance with all its credit facility covenants as of June 30, 2024.

The weighted average annual interest rate on short-term borrowings as of June 30, 2024 and December 31, 2023 was 9.73% and 9.44%, respectively.

Accrued interest payable on all long-term debt as of June 30, 2024 and December 31, 2023 was $347 and $390, respectively, and these amounts are included in accrued liabilities in the Condensed Consolidated Statements of Financial Position.

The aggregate annual principal maturities of long-term debt for the remainder of 2024 and thereafter are as follows:

Remainder of 2024

 

$

2,857

 

2025

 

 

5,714

 

2026

 

 

16,679

 

2027

 

 

17,343

 

2028

 

 

457

 

Thereafter

 

 

1,369

 

Total

 

$

44,419