Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 363

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 363
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305 and $1,372,204, respectively.

The Term Loan Promissory Note is collateralized against substantially all the Company’s assets and is subject to certain covenants. As of December 31, 2024, management believes the Company is in compliance with all covenants.

In connection with the execution of the Term Loan Promissory Note the Company issued 1,542,272 Class A Common warrants with an exercise price of $0.01. The Company determined that the warrants were an equity instrument representing a debt discount to be amortized over the term of the agreement. Amortization of the debt discount was $141,889 and $141,889 for the years ended December 31, 2024 and 2023, respectively, and is included in interest expense on the consolidated statements of income. At inception the value of the warrants was $713,744. As of December 31, 2024 and 2023, the unamortized portion of the debt discount was $364,638 and $506,527.

#### Vehicle Loans
The Company has various vehicle loans for vehicles used in the Company’s operations. All of the loans mature in 2026. Interest accrues at a rate of 3.20% - 4.99% per annum and principal and interest payments are due monthly. Payments range from $362 to $507. During 2024, the vehicles that secured the loans were traded to the dealership to satisfy the outstanding loans. As of December 31, 2024 and 2023, the balance on the vehicle loans was $0 and $45,795, respectively.

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TABLE OF CONTENTS

Long-term debt consists of the following as of December 31:

|                                      |     |       2024 |     |        2023 |
| Term loan                            |     | $8,703,774 |     | $11,448,087 |
| Related-party promissory note        |     |    996,305 |     |   1,372,204 |
| Vehicle loans                        |     |          — |     |      45,795 |
|                                      |     |  9,700,079 |     |  12,866,086 |
| Less current portion                 |     | -3,536,763 |     |  -3,120,554 |
| Less unamortized debt issuance costs |     |