| Schedule of Mortgage Balances, including Accrued Interest |
The Company’s mortgage and notes payable balances at March 31, 2025 and December 31, 2024 were comprised of the following (in thousands):
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March 31,
2025 |
|
December 31,
2024 |
Construction to Permanent Commercial Real Estate Mortgage Loan ("CREM Loan"), net of debt discount of $1,442 and $1,460 at March 31, 2025 and December 31, 2024, respectively |
$ |
56,853 |
|
|
$ |
57,136 |
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|
|
|
|
| Bank of New England - Wilmington, DE property |
1,052 |
|
|
1,086 |
|
| DuQuoin State Bank - Anna, IL and Harrisburg, IL properties |
682 |
|
|
689 |
|
| DuQuoin State Bank - Metropolis, IL property |
2,395 |
|
|
2,427 |
|
| DuQuoin State Bank - Mt. Vernon, IL property (retail) |
1,129 |
|
|
1,139 |
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| Du Quoin State Bank - Mt. Vernon, IL property (grow and production) |
2,854 |
|
|
2,872 |
|
Promissory note issued as purchase consideration - Ermont Acquisition, net of debt discount of $1,710 and $1,801 at March 31, 2025 and December 31, 2024, respectively |
3,041 |
|
|
2,949 |
|
Promissory note issued as purchase consideration - Greenhouse Naturals Acquisition, net of debt discount of $552 and $567 at March 31, 2025 and December 31, 2024, respectively |
3,699 |
|
|
3,791 |
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| Promissory notes issued as purchase consideration - MedLeaf Acquisition |
1,013 |
|
|
1,377 |
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| Promissory note issued as purchase consideration - Allgreens Acquisition |
1,030 |
|
|
1,000 |
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| Promissory note issued to purchase land |
352 |
|
|
352 |
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| Promissory notes issued to purchase motor vehicles |
160 |
|
|
168 |
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| Total mortgages and notes payable |
74,260 |
|
|
74,986 |
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| Less: Mortgages and notes payable, current portion |
(4,786) |
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|
(5,126) |
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| Mortgages and notes payable, net of current portion |
$ |
69,474 |
|
|
$ |
69,860 |
|
|
| Schedule of Principal Amounts Due |
The future principal amounts due under the Company outstanding mortgages and notes payable at March 31, 2025 were as follows (in thousands):
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| Year ending December 31, |
|
| Remainder of 2025 |
$ |
3,773 |
|
| 2026 |
2,795 |
|
| 2027 |
3,005 |
|
| 2028 |
3,156 |
|
| 2029 |
6,386 |
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| Thereafter |
58,250 |
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| Total future principal payments |
77,365 |
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| Less: discount |
(3,105) |
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| Total future principal payments, net of discount |
$ |
74,260 |
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