DEBT |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT
Portugal Debt
In January 2021, Clever Leaves Portugal Unipessoal LDA borrowed €1,000 ($1,213) (the "Portugal Debt"), from a local lender (the "Portugal Lender") under the terms of its credit line agreement. The Portugal Debt pays interest quarterly at a rate of Euribor plus 3 percentage points.
For the years ended December 31, 2023 and 2022, the Company recognized interest expense of approximately €41 ($44) and €28 ($30), respectively, and repaid principal of approximately €250 ($268) and €250 ($264), respectively, of the Portugal Debt in accordance with the terms of the loan agreement. The outstanding principal balance of the Portugal Debt as of December 31, 2023 and December 31, 2022 was €500 ($552) and €750 ($805), respectively. In December 2022, the Company approved a plan to shut-down its cultivation activities in Portugal in order to preserve cash and ceased its operations in 2023. The Portugal Debt was not discharged as part of the restructuring and remains outstanding.
Colombia Debt
Ecomedics S.A.S. has entered into loan agreements with multiple local lenders (collectively, the "Colombia Debt"), under which the Company borrowed approximately COP$5,305,800 ($1,295) of mainly working capital loans. The working capital loans are secured by mortgage of our farm land in Colombia as collateral. These loans bear interest at a range of 10.96% to
12.25% per annum denominated in Colombian pesos. The principal and interest are repaid semi-annually. For the years ended December 31, 2023 and 2022, the outstanding principal balance was approximately COP$2,543,867 ($666) and COP$3,471,576 ($725), respectively.
Schedule of Principal Maturities of Debt:
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