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Line of Credit and Long-term Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Line of Credit and Long-term Debt | 9. LINE OF CREDIT AND LONG-TERM DEBT
|  | Balance outstanding as of December 31, |
|  | 2024 |  |  | 2023 |
Term Loan - ("FCC Loan") - repayable by monthly principle of payments of $164 and accrued interest at Secured Overnight Financing Rate ("SOFR") plus an applicable margin per annum (8.12% at December 31, 2024); matures May 3, 2027 |  | $ | 20,821 |  |  | $ | 22,788 |
Term Loan - Pure Sunfarms - C$19.0M - Canadian prime interest rate plus an applicable margin (7.45% as of December 31, 2024), repayable in quarterly payments equal to 2.50% of the outstanding principal amount, matures February 7, 2026 |  |  | 6,262 |  |  |  | 8,298 |
Term loan - Pure Sunfarms - C$25.0M - Canadian prime interest rate plus an applicable margin (7.45% as of December 31, 2024), repayable in quarterly payments equal to 2.50% of the outstanding principal amount, matures February 7, 2026 |  |  | 10,436 |  |  |  | 13,201 |
BDC Facility - Pure Sunfarms - non-revolving demand loan repayable by monthly principal payments of C$52 and accrued interest at Canadian prime interest rate plus an applicable margin (9.20% at December 31, 2024), matures December 31, 2031 |  |  | 3,043 |  |  |  | 3,771 |
Total |  | $ | 40,562 |  |  | $ | 48,058 |
As collateral for the FCC Loan, the Company has provided promissory notes and a first priority security interest over its accounts receivable and inventory. In addition, the Company has granted full recourse guarantees and security therein. The carrying value of the assets and securities pledged as collateral for the FCC Loan as of December 31, 2024 and 2023 was $77,682 and $114,293, respectively. The PSF Non-Revolving Facility is secured by the Delta 2 and Delta 3 greenhouse facilities and contains customary financial and restrictive covenants. The Company has a revolving line of credit agreement with a Canadian chartered bank (the "Operating Loan") maturing February 2027. The Operating Loan can be drawn in advances of up to C$10,000, had an outstanding balance of $4,000 drawn on the facility as of December 31, 2024 and December 31, 2023, and future availability of $2,931 on December 31, 2024. Interest under the Operating Loan is payable at the Canadian prime rate plus an applicable margin per annum (8.02% at December 31, 2024), payable monthly. The carrying value of the assets pledged as collateral for the Operating Loan as of December 31, 2024 and 2023 was $27,136 and $28,034, respectively. Pure Sunfarms has a revolving line of credit (the “PSF Revolving Line of Credit”) with a Canadian chartered bank. The PSF Revolving Line of Credit can be drawn for advances of up to C$15,000 and had an outstanding balance of $0 as of December 31, 2024 and December 31, 2023. Interest under the PSF Revolving Line of Credit is payable at the Canadian prime rate plus an applicable margin per annum (7.45% at December 31, 2024), payable monthly. The Company is required to comply with financial covenants, measured either quarterly or annually depending on the covenant. The Company was not in compliance with financial covenants related to the fixed charge coverage ratio under the FCC Loan and the Pure Sunfarm's Term Loans, for which it received waivers. The covenants will be reinstated at the end of the first quarter for the Pure Sunfarm's Term Loans and at the end of the fiscal year 2025 for the FCC loan. Management expects to regain compliance during the next testing period. FCC measures the Company's financial covenants once a year on the last day of the year and the Pure Sunfarm's Term Loan covenants are measured once a quarter on the last day of the quarter. Village Farms was in compliance with all of its remaining covenants under its other credit facilities. The weighted average interest rate on short-term borrowings as of December 31, 2024 and 2023 was 8.22% and 9.44%, respectively. Accrued interest payable on all long term-debt as of December 31, 2024 and 2023 was $271 and $390, respectively, and these amounts are included in accrued liabilities in the consolidated statements of financial position. The aggregate annual principal maturities of long-term debt for the next five years and thereafter are as follows:
2025 |  | $ | 5,533 |
2026 |  |  | 15,969 |
2027 |  |  | 17,321 |
2028 |  |  | 435 |
2029 |  |  | 435 |
Thereafter |  |  | 869 |
|  | $ | 40,562 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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