Quarterly report pursuant to Section 13 or 15(d)

Commitments

v3.21.1
Commitments
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments
Note 9 - Commitments
In the ordinary course of business, the Company enters into contractual agreements with third parties that include
non-cancelable
payment obligations, for which it is liable in future periods. These arrangements can include terms binding the Company to minimum payments and/or penalties if it terminates the agreement for any reason other than an event of default as described by the agreement.
The following table summarizes the Company’s contractual obligations and commitments as of March 31, 2021:
 
 
 
  
For the twelve months ended March 31,
 
 
  
2022
 
  
2023
 
  
2024
 
  
2025
 
  
2026
 
Operating leases
  
$
7,630
 
  
$
6,983
 
  
$
7,041
 
  
$
7,198
 
  
$
7,271
 
Service contracts
  
 
2,701
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Construction contracts
  
 
12
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Long-term debt, principal
(1)
  
 
167,901
 
  
 
11,605
 
  
 
58
 
  
 
65
 
  
 
15,681
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
178,244
 
  
$
18,588
 
  
$
7,099
 
  
$
7,263
 
  
$
22,952
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
The payment schedule above shows amounts payable if the conversion options are not exercised by the lender for Company’s convertible debt instruments.
Line of Credit to Zia Integrated, LLC
On May 23, 2019, the Company established a line of credit with Zia Integrated, LLC (“Zia”), a cannabis management and consulting firm based in Maryland, permitting Zia drawdowns of up to an aggregate of $15.0 million. For each drawdown made by Zia, a convertible promissory note will be issued to Zia by the Company. As of the date of filing of the unaudited interim condensed consolidated financial statements, no drawdowns have been made on the line of credit and the principal amount on the convertible promissory note is $Nil (December 31, 2020—$Nil).