| Schedule of Mortgages and Notes Payable Balances Including Accrued Interest |
The Company's mortgages and notes payable are reported in the aggregate on the consolidated balance sheets under the captions Mortgages and notes payable, current portion, and Mortgages and notes payable, net of current portion.
The Company's mortgages and notes payable balances at December 31, 2024 and 2023 were comprised of the following (in thousands):
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December 31, |
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2024 |
|
2023 |
Construction to Permanent Commercial Real Estate Mortgage Loan ("CREM Loan"), net of debt discount of $1,460 and $1,534 at December 31, 2024 and 2023, respectively |
$ |
57,136 |
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$ |
52,083 |
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Bank of New England
Wilmington, DE property |
1,086 |
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|
1,219 |
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DuQuoin State Bank
Anna, IL and Harrisburg, IL properties |
689 |
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|
719 |
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DuQuoin State Bank
Metropolis, IL property |
2,427 |
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|
2,472 |
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DuQuoin State Bank
Mt. Vernon, IL property (retail) |
1,139 |
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— |
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DuQuoin State Bank
Mt. Vernon, IL property (grow and production) |
2,872 |
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|
2,923 |
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Promissory note issued as purchase consideration - Ermont Acquisition, net of debt discount of $1,801 and $2,159 at December 31, 2024 and 2023, respectively |
2,949 |
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|
2,591 |
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Promissory note issued as purchase consideration - Greenhouse Naturals Acquisition, net of debt discount of $567 and $627 at December 31, 2024 and 2023, respectively |
3,791 |
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|
4,190 |
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| Promissory notes issued as purchase consideration - MedLeaf Acquisition |
1,377 |
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|
— |
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| Promissory note issued as purchase consideration - Allgreens Acquisition |
1,000 |
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— |
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| Promissory note issued to purchase land |
352 |
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|
— |
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| Promissory notes issued to purchase motor vehicles |
168 |
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|
178 |
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| Total mortgages and notes payable |
74,986 |
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|
66,375 |
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| Less: Mortgages and notes payable, current portion |
(5,126) |
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(723) |
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| Mortgages and notes payable, net of current |
$ |
69,860 |
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|
$ |
65,652 |
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| Schedule of Principal Amounts Due |
The future principal payments due under the Company's outstanding mortgages and notes payable at December 31, 2024 were as follows (in thousands):
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| Year ending December 31, |
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| 2025 |
4,866 |
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| 2026 |
2,969 |
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| 2027 |
3,019 |
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| 2028 |
3,152 |
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| 2029 |
6,382 |
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| Thereafter |
57,799 |
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| Total future principal payments |
78,187 |
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| Less: discount |
(3,201) |
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| Total future principal payments, net of discount |
$ |
74,986 |
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