UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM
(Mark One)
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
For the quarterly period ended
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
For the transition period from to
Commission File Number
(Exact name of Registrant as Specified in its Charter)
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(State or other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
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Issuer’s phone number, including area code
N/A
(Former name, former address and former fiscal year, if changed since last report).
Securities registered pursuant to Section 12(b) of the Act:
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Name of each exchange on which registered |
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Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “small reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of May 6, 2022,
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TABLE OF CONTENTS
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Page |
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PART I - FINANCIAL INFORMATION |
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Item 1. |
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Condensed Consolidated Interim Financial Statements (Unaudited) |
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Condensed Consolidated Interim Statements of Financial Position |
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3 |
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Condensed Consolidated Interim Statements of Loss and Comprehensive Loss |
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4 |
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Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity and Mezzanine Equity |
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6 |
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Notes to Condensed Consolidated Interim Financial Statements |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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29 |
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Item 4. |
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Item 1. |
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31 |
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Item 1A. |
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31 |
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Item 6. |
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33 |
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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL INFORMATIONS
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
As used in this Quarterly Report on Form 10-Q, the terms “Village Farms,” “Village Farms International,” the “Company,” “we,” “us,” “our” and similar references refer to Village Farms International, Inc. and our consolidated subsidiaries, and the term “Common Shares” refers to our common shares, no par value. Our financial information is presented in U.S. dollars and all references in this Quarterly Report on Form 10-Q to “$” means U.S. dollars and all references to “C$” means Canadian dollars.
This Quarterly Report on Form 10-Q the following trademarks, trade names and service marks of ours: Village Farms®, Delectable TOV®, From Our House To Your Home®, Mini Sensations®, Sinfully Sweet Campari®, Heavenly Villagio Marzano®, BC Grown Logo®, Texas Grown Logo®, Good for the Earth ®, Village Farms Greenhouse Grown ®, Village Fields®, Pure SunfarmsTM, Pure Sunfarms BC GrownTM, Farm to FlowerTM, No Sun No FlowerTM, Plants and People FirstTM, Pure ProvisionsTM, Rise with the SunTM, The BakeryTM, Purple Sun GodTM, and Pure Sun CBDTM. This report also contains trademarks, trade names and service marks that are owned by other persons or entities.
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is subject to the safe harbor created by those sections. This Quarterly Report on Form 10-Q also contains “forward-looking information” within the meaning of applicable Canadian securities law. We refer to such forward-looking statements and forward-looking information collectively as “forward-looking statements”. Forward-looking statements may relate to the Company’s future outlook or financial position and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, expansion plans, litigation, projected production, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the Company, the greenhouse vegetable industry or the cannabis industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms as “outlook”, “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “try”, “estimate”, “predict”, “potential”, “continue”, “likely”, “schedule”, “objectives”, or the negative or grammatical variation thereof or other similar expressions concerning matters that are not historical facts. The forward-looking statements in this Quarterly Report on Form 10-Q are subject to risks that may include, but are not limited to: our limited operating history, including that of Rose LifeScience Inc. (“Rose”), Balanced Health Botanicals, LLC (“Balanced Health”), Pure Sunfarms, Inc. and our operations of growing hemp in the United States; the legal status of Pure Sunfarms, Rose and Balanced Health cannabis business; risks relating to the integration of Balanced Health and Rose into our cannabis business; risks relating to obtaining additional financing, including our dependence upon credit facilities; potential difficulties in achieving and/or maintaining profitability; variability of product pricing; risks inherent in the cannabis, hemp, CBD, cannabinoids, and agricultural businesses; market position, ability to leverage current business relationships for future business involving hemp and cannabinoids, the ability of Pure Sunfarms and Rose to cultivate and distribute cannabis in Canada; existing and new governmental regulations, including risks related to regulatory compliance and licenses (e.g., Pure Sunfarms ability to obtain licenses for its Delta 2 greenhouse facility as well as additional licenses under the Canadian act respecting cannabis to amend to the Controlled Drugs and Substances Act, the Criminal Code and other Acts, S.C. 2018, c. 16 (Canada) for its Delta 3 greenhouse facility), and changes in our regulatory requirements; risks relating to conversion of our greenhouses to cannabis production for Pure Sunfarms; risks related to rules and regulations at the U.S. federal (Food and Drug Administration and United States Department of Agriculture), state and municipal levels with respect to produce and hemp; retail consolidation, technological advances and other forms of competition; transportation disruptions; product liability and other potential litigation; retention of key executives; labor issues; uninsured and underinsured losses; vulnerability to rising energy costs; environmental, health and safety risks, foreign exchange exposure, risks associated with cross-border trade; difficulties in managing our growth; restrictive covenants under our credit facilities; natural catastrophes; the ongoing and developing COVID-19 pandemic; and tax risks.
The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Although the forward-looking statements contained in this Quarterly Report on Form 10-Q are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, that may cause the Company’s or the industry’s actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors contained in the Company’s filings with securities regulators, including this Quarterly Report on Form 10-Q. In particular, we caution you that our forward-looking statements are subject to the
1
ongoing and developing circumstances related to the COVID-19 pandemic, which may have a material adverse effect on our business, operations and future financial results.
When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future results, performance, achievements, prospects and opportunities. The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events or information as of the date on which the statements are made in this Quarterly Report on Form 10-Q. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
2
Village Farms International, Inc.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of United States dollars, except share data)
(Unaudited)
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March 31, 2022 |
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December 31, 2021 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
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$ |
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Restricted cash |
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Trade receivables |
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Inventories |
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Note receivable - joint venture |
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— |
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Other receivables |
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Income tax receivable |
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Prepaid expenses and deposits |
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Total current assets |
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Non-current assets |
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Property, plant and equipment |
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Note receivable - joint venture |
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— |
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Investment in minority interests |
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Goodwill |
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Intangibles |
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Deferred tax asset |
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Right-of-use assets |
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Other assets |
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Total assets |
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$ |
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$ |
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LIABILITIES |
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Current liabilities |
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Line of credit |
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$ |
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$ |
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Trade payables |
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Current maturities of long-term debt |
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Accrued sales taxes |
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Accrued loyalty program |
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Accrued liabilities |
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Lease liabilities - current |
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Other current liabilities |
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Total current liabilities |
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Non-current liabilities |
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Long-term debt |
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Deferred tax liability |
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Lease liabilities - non-current |
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Other liabilities |
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Total liabilities |
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Commitments and contingencies |
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MEZZANINE EQUITY |
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Redeemable non-controlling interest |
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SHAREHOLDERS’ EQUITY |
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Common stock, par value per share - unlimited shares authorized; |
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Additional paid in capital |
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Accumulated other comprehensive income |
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Retained earnings |
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Total shareholders’ equity |
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Total liabilities, mezzanine equity and shareholders’ equity |
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$ |
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$ |
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The accompanying notes are an integral part of these Condensed Consolidated Interim Statements of Financial Position.
3
Village Farms International, Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(In thousands of United States dollars, except per share data)
(Unaudited)
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Three Months Ended March 31, |
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2022 |
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2021 |
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Sales |
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$ |
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$ |
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Cost of sales |
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( |
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( |
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Gross margin |
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Selling, general and administrative expenses |
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( |
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( |
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Share-based compensation |
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( |
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( |
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Interest expense |
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( |
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( |
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Interest income |
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Foreign exchange gain (loss) |
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( |
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Other expense |
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( |
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( |
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Loss before taxes and loss from equity method investments |
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( |
) |
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( |
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Recovery of income taxes |
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Loss from equity method investments |
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( |
) |
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( |
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Loss including non-controlling interests |
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( |
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( |
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Less: net loss attributable to non-controlling interests, net of tax |
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— |
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Net loss attributable to Village Farms International, Inc. |
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$ |
( |
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$ |
( |
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Basic loss per share attributable to Village Farms International, Inc. shareholders |
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$ |
( |
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$ |
( |
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Diluted loss per share attributable to Village Farms International, Inc. shareholder |
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$ |
( |
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$ |
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Weighted average number of common shares used in the computation of net loss per share (in thousands): |
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Basic |
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Diluted |
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Loss including non-controlling interests |
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$ |
( |
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$ |
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Less: net loss attributable to non-controlling interests, net of tax |
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— |
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Net loss attributable to Village Farms International, Inc. |
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( |
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( |
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Other comprehensive loss: |
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Foreign currency translation adjustment |
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Comprehensive loss attributable to Village Farms International, Inc. shareholders |
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$ |
( |
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$ |
( |
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The accompanying notes are an integral part of these Condensed Consolidated Interim Statements of Loss and Comprehensive Loss.
4
Village Farms International, Inc.
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity and Mezzanine Equity
(In thousands of United States dollars, except for shares outstanding)
(Unaudited)
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Three Months Ended March 31, 2022 |
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Number of Common Shares (in thousands) |
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Common Stock |
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Additional Paid in Capital |
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Accumulated Other Comprehensive (Loss) Income |
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Retained Earnings |
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Total Shareholders’ Equity |
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Mezzanine Equity |
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Balance at January 1, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Shares issued on exercise of stock options |
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— |
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— |
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— |
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— |
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Share-based compensation |
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— |
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— |
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— |
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— |
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— |
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Cumulative translation adjustment |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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( |
) |
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( |
) |
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( |
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Balance at March 31, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Three Months Ended March 31, 2021 |
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Number of Common Shares (in thousands) |
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Common Stock |
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Additional paid in capital |
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Accumulated Other Comprehensive Loss |
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Retained Earnings |
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Total Shareholders’ Equity |
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Mezzanine Equity |
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Balance at January 1, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
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— |
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Shares issued in public offering, net of issuance costs |
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— |
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— |
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— |
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— |
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Shares issued on exercise of warrant |
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( |
) |
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— |
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— |
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— |
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Shares issued on exercise of stock options |
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( |
) |
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— |
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— |
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— |
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Share-based compensation |
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— |
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— |
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— |
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— |
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Cumulative translation adjustment |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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( |
) |
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( |
) |
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— |
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Balance at March 31, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
— |
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The accompanying notes are an integral part of these Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity and Mezzanine Equity.
5
Village Farms International, Inc.
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of United States dollars)
(Unaudited)
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Three Months Ended March 31, |
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2022 |
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2021 |
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Cash flows used in operating activities: |
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Net loss |
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$ |
( |
) |
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$ |
( |
) |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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Amortization of deferred charges |
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Share of loss from joint ventures |
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Interest expense |
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Interest income |
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( |
) |
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( |
) |
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Interest paid on long-term debt |
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( |
) |
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( |
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Unrealized foreign exchange gain/loss |
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— |
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Non-cash lease expense |
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( |
) |
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( |
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Share-based compensation |
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Deferred income taxes |
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( |
) |
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( |
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Changes in non-cash working capital items |
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( |
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( |
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Net cash used in operating activities |
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( |
) |
|
|
( |
) |
|
Cash flows used in investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
( |
) |
|
|
( |
) |
|
Note receivable |
|
|
( |
) |
|
|
— |
|
|
Advances to joint ventures |
|
|
— |
|
|
|
( |
) |
|
Investment in minority interests |
|
|
— |
|
|
|
( |
) |
|
Net cash used in investing activities |
|
|
( |
) |
|
|
( |
) |
|
Cash flows provided by financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from borrowings |
|
|
|
|
|
|
|
|
|
Repayments on borrowings |
|
|
( |
) |
|
|
( |
) |
|
Proceeds from issuance of common stock and warrants |
|
|
— |
|
|
|
|
|
|
Issuance costs |
|
|
— |
|
|
|
( |
) |
|
Proceeds from exercise of stock options |
|
|
|
|
|
|
|
|
|
Proceeds from exercise of warrants |
|
|
— |
|
|
|
|
|
|
Payments on capital lease obligations |
|
|
( |
) |
|
|
( |
) |
|
Payment of note payable related to acquisition |
|
|
— |
|
|
|
( |
) |
|
Net cash provided by financing activities |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
( |
) |
|
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
$ |
|
|
|
$ |
|
|
The accompanying notes are an integral part of these Condensed Consolidated Interim Statements of Cash Flows.
6
VILLAGE FARMS INTERNATIONAL, INC.
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share amounts, unless otherwise noted)
|
1 |
DESCRIPTION OF BUSINESS |
Village Farms International, Inc. (“VFF”) and together with its subsidiaries (the “Company”, “we”, “us”, or “our”) is incorporated under the Canada Business Corporation Act. VFF’s principal operating subsidiaries as of March 31, 2022 are Village Farms Canada Limited Partnership, Village Farms, L.P., Pure Sunfarms Corp. (“Pure Sunfarms”), and Balanced Health Botanicals, LLC (“Balanced Health”). VFF also owns a
The address of the registered office of VFF is 4700 80th Street, Delta, British Columbia, Canada, V4K 3N3.
The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “VFF”.
Village Farms owns and operates sophisticated, highly intensive agricultural greenhouse facilities in British Columbia and Texas, where it produces, markets and sells premium-quality tomatoes, bell peppers, and cucumbers. Its wholly owned subsidiary, Pure Sunfarms, is a vertically integrated licensed producer and supplier of cannabis products to be sold to other licensed providers and provincial governments across Canada and internationally. Through its
|
2 |
BASIS OF PRESENTATION |
The accompanying unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022 have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of the results for the full year.
In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented.
There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022 that have had a material impact on our condensed consolidated interim financial statements and related notes.
The condensed consolidated interim financial statements reflect the accounts of the Company and its majority-owned and controlled subsidiaries. All intercompany accounts and transactions between our consolidated operations have been eliminated.
|
3 |
NEW ACCOUNTING PRONOUNCEMENTS |
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. This guidance is optional and may be elected through December 31, 2022 using a prospective application on all eligible contract modifications. The Company has a line of credit that incorporates LIBOR as a referenced interest rate. It is difficult to predict what effect, if any, the phase-out of LIBOR and the use of alternative benchmarks may have on the Company’s business or on the overall financial markets. The Company has not adopted any of the optional expedients or exceptions through March 31, 2022 but will continue to evaluate the possible adoption of any such expedients or exceptions.
7
VILLAGE FARMS INTERNATIONAL, INC.
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share amounts, unless otherwise noted)
|
4 |
INVENTORIES |
Inventories consisted of the following as of:
|
Classification |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
|
Cannabis: |
|
|
|
|
|
|
|
|
|
Raw materials |
|
$ |
|
|
|
$ |
|
|
|
Work-in-progress |
|
|
|
|
|
|
|
|
|
Finished goods |
|
|
|
|
|
|
|
|
|
Packaging |
|
|
|
|
|
|
|
|
|
Produce and Energy: |
|
|
|
|
|
|
|
|
|
Crop inventory |
|
|
|
|
|
|
|
|
|
Purchased produce inventory |
|
|
|
|
|
|
|
|
|
Spare parts inventory and packaging |
|
|
|
|
|
|
|
|
|
Inventory |
|
$ |
|
|
|
$ |
|
|
|
5 |
PROPERTY, PLANT AND EQUIPMENT |
Property, plant and equipment consisted of the following:
|
Classification |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
|
Land |
|
$ |
|
|
|
$ |
|
|
|
Leasehold and land improvements |
|
|
|
|
|
|
|
|
|
Buildings |
|
|
|
|
|
|
|
|
|
Machinery and equipment |
|
|
|
|
|
|
|
|
|
Construction in progress |
|
|
|
|
|
|
|
|
|
Less: Accumulated depreciation |
|
|
( |
) |
|
|
( |
) |
|
Property, plant and equipment, net |
|
$ |
|
|
|
$ |
|
|
|
6 |
GOODWILL AND INTANGIBLE ASSETS |
Goodwill
The following table presents the changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2022:
|
|
|
Cannabis - Canada |
|
|
Cannabis - United States |
|
|
Total |
|
|||
|
Balance as of December 31, 2021 |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
Foreign currency translation adjustment |
|
|
|
|
|
|
- |
|
|
|
|
|
|
Balance as of March 31, 2022 |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
8
VILLAGE FARMS INTERNATIONAL, INC.
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share amounts, unless otherwise noted)
Intangible Assets
Intangible assets consisted of the following as of:
|
Classification |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
|
Licenses |
|
$ |
|
|
|
$ |
|
|
|
Brand and trademarks* |
|
|
|
|
|
|
|
|
|
Computer Software |
|
|
|
|
|
|
|
|
|
Other* |
|
|
|
|
|
|
|
|
|
Less: Accumulated amortization |
|
|
( |
) |
|
|
( |
) |
|
Intangibles, net |
|
$ |
|
|
|
$ |
|
|
|
*Indefinite-lived intangible assets. |
The expected future amortization expense for definite-lived intangible assets as of March 31, 2022 was as follows:
|
Fiscal period |
|
|
|
|
|
Remainder of 2022 |
|
$ |
|
|
|
2023 |
|
|
|
|
|
2024 |
|
|
|
|
|
2025 |
|
|
|
|
|
2026 |
|
|
|
|
|
Thereafter |
|
|
|
|
|
Intangibles, net |
|
$ |
|
|
|
7 |
LEASES |
The Company leases a parcel of land in Marfa, Texas that one of its greenhouses resides on as well as two distribution centers located in Fort Worth, Texas and Surrey, British Columbia. The Company leases production-related equipment at its greenhouses in Texas and British Columbia. The Company also leases an office building located in Lake Mary, Florida for its corporate headquarters, and office and manufacturing space in Denver, Colorado for Balanced Health’s headquarters and operations. Rose owns land and leases a building for its headquarters and operations in Montreal, Quebec.
The components of lease related expenses are as follows:
|
|
|
Three months ended March 31, |
|
|||||
|
|
|
2022 |
|
|
2021 |
|
||
|
Operating lease expense (a) |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
Three months ended March 31, |
|
|||||
|
|
|
2022 |
|
|
2021 |
|
||
|
Operating cash flows from operating leases |
|
$ |
|
|
|
$ |
|
|
|
Finance cash flows from finance leases |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
9
VILLAGE FARMS INTERNATIONAL, INC.
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share amounts, unless otherwise noted)
|
|
|
March 31, 2022 |
|
|
|
Weighted average remaining lease term: |
|
|
|
|
|
Operating leases |
|
|
|
|
|
Finance leases |
|
|
|
|
|
Weighted average discount rate: |
|
|
|
|
|
Operating leases |
|
|
|
% |
|
Finance leases |
|
|
|
% |
Maturities of lease liabilities are as follows:
|
|
|
Operating leases |
|
|
|
Remainder of 2022 |
|
$ |
|
|
|
2023 |
|
|
|
|
|
2024 |
|
|
|
|
|
2025 |
|
|
|
|
|
2026 |
|
|
|
|
|
Thereafter |
|
|
|
|
|
Undiscounted lease cash flow commitments |
|
|
|
|
|
Reconciling impact from discounting |
|
|||