Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 345

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 345
---
6. The note is collateralized by substantially all assets of the Company and is subject to certain covenants. Amortization of debt issuance costs that were deducted from the carrying amount of long-term debt for the year ended December 31, 2024 totaled $71,305. Interest expense totaled $555,833.

B-17

TABLE OF CONTENTS

9. NOTE PAYABLE (continued) The following table presents the note payable as of December 31, 2024. There was no debt outstanding as of December 31, 2023.

| Secured note payable                                         |     | $20,000,000 |
| Less: Unamortized debt issuance costs                        |     |  -1,004,569 |
| Total note payable, net                                      |     |  18,995,431 |
| Less: current portion                                        |     |  -1,617,257 |
| Note payable, net of current portion and debt issuance costs |     | $17,378,174 |

Stated maturities of debt obligations are as follows:

|       |     |   Principal 
    Payments |     | Unamortized Debt 
   Issuance Costs |     |  Total Debt 
     Payable |
| 2025  |     |  $2,000,000 |     |         $382,743 |     |  $1,617,257 |
| 2026  |     |   2,000,000 |     |          382,743 |     |   1,617,257 |
| 2027  |     |  16,000,000 |     |          239,083 |     |  15,760,917 |
| Total |     | $20,000,000 |     |       $1,004,569 |     | $18,995,431 |

| 10. | SHARE-BASED COMPENSATION |

On June 14, 2024, the Company granted certain employees and advisors 8,700,000 shares of restricted stock. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. Estimates are subsequently revised if there is any indication that the number of shares expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized. During the year ended December 31, 2024, shares totaling 3