|3 Months Ended|
Mar. 31, 2022
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENTS||SUBSEQUENT EVENTS
2024 Convertible Note - Settlement
On April 5, 2022, the Company repaid the Convertible Note to Catalina LP an amount equal to $13,246, in full satisfaction of the aggregate amount outstanding, including accrued interest. As a result of the repayment, all outstanding indebtedness and obligations of the Company owing to Catalina under the Note Purchase Agreement and Convertible Note have been paid in full.
Herbal Brands Loan due May 2023- Settlement
On May 2, 2022, Herbal Brands, a wholly owned subsidiary of the Company, fully repaid its outstanding indebtedness and obligations under the Loan and Security Agreement, for a total amount of $5,642 including interest and fees, in full satisfaction of Herbal Brands' obligations under the Loan and Security Agreement (the “Payoff”). No Back-End Fee (as defined in the Loan and Security Agreement) was due in connection with the Payoff. In addition, all liens, guarantees and encumbrances under the Loan and Security Agreement were released.
Investment in Cansativa
On February 1, 2022, the Company signed an agreement, which was subject to regulatory approval with Germany, to sell 1,586 shares of investment in Cansativa for approximately EUR 2,300, resulting in a gain of approximately $2,055, which will be recognized in the consolidated statements of operations during the three months ended June 30, 2022. As a result of this sale, the Company's equity ownership of Cansativa, on a fully diluted basis, decreased from 14.22% to approximately 9% of the book value of Cansativa's net assets. This change did not impact the equity method classification. Subsequently, the Company received final regulatory approval and funds in April 2022 which finalized this sale.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef