Quarterly report pursuant to Section 13 or 15(d)

Commitments

v3.21.2
Commitments
 9 Months Ended
Sep. 30, 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 in the agreement.
 
The following table summarizes the Company’s contractual obligations and commitments as of September 30, 2021:
 
For the 12 months ended September 30,
   
2022
     
2023
     
2024
     
2025
     
2026
  
Operating leases
    $ 7,579      $ 7,328      $ 7,463      $ 7,629      $  7,538  
Service contracts
      2,704        4        —          —          —    
Long-term debt, principal
(1)
      168,210        12,108        65        16,320        78  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
 178,493
 
   
$
 19,440
 
   
$
7,528
 
   
$
 23,949
 
   
$
7,616
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
The payment schedule above shows amounts payable if the conversion options are not exercised by the lender of the Company’s convertible debt instruments.
Line of Credit to Zia Integrated, LLC
On May 23, 2019, the Company entered into a line of credit agreement (the “LOC Agreement”) 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 (the “Convertible Note”). As of the date of filing of the unaudited interim condensed consolidated financial statements, no drawdowns have been made on the LOC Agreement and the principal amount on the Convertible Note is $Nil (December 31, 2020 - $Nil). On August 5, 2021, the Company exercised its right to terminate the LOC Agreement and Convertible Note.