Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 341

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 341
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4 |     | December 31, 
         2023 |
|:------------------------------------|:----|-------------:|:----|-------------:|
| Buildings                           |     |   $3,190,448 |     |   $2,190,610 |
| Leasehold Improvements              |     |   22,034,828 |     |   13,870,178 |
| Furniture and Equipment             |     |    6,775,997 |     |    4,961,612 |
| Computer Equipment                  |     |    1,661,271 |     |    1,556,080 |
| Vehicles                            |     |      480,261 |     |      364,459 |
| Land                                |     |      480,832 |     |      304,390 |
| Construction in Progress            |     |    4,864,999 |     |    6,831,201 |
| Total Property and Equipment, Gross |     |   39,488,636 |     |   30,078,530 |
| Less: Accumulated Depreciation      |     |   -7,222,557 |     |   -5,939,404 |
| Property and Equipment, Net         |     |  $32,266,079 |     |  $24,139,126 |

Depreciation expense totaled $1,720,266 and $1,389,460 of which $979,530 and $738,621 was included in cost of goods sold for the years ended December 31, 2024 and 2023, respectively.

| 5. | NOTE RECEIVABLE |

The Company had a note receivable due from a third party that was issued in connection with the third party’s refinancing of its mortgage. As part of the refinance, the third party entered into a secured promissory note in the amount of $5,000,000 due to the Company with an annual interest rate of 17.25% and maturity date of September 13, 2024. In October 2024, the interest portion of the note receivable was refinanced at 18.25%. The interest income totaled $919,790 for the year ended December 31, 2024. The Company has fully reserved for this amount as collectability is uncertain as of December 31, 2024. In December 2024, the principal amount of $5,000