Planet 13 Holdings Q1 2025: Note Payments & Valuations
Ticker: PLNH · Form: 10-Q · Filed: May 14, 2025 · CIK: 1813452
| Field | Detail |
|---|---|
| Company | Planet 13 Holdings Inc. (PLNH) |
| Form Type | 10-Q |
| Filed Date | May 14, 2025 |
| Risk Level | medium |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, acquisition, financing, earnings
TL;DR
Planet 13 paid off a $2.9M note, Q1 interest expense $49k. VidaCann note still $5M.
AI Summary
Planet 13 Holdings Inc. filed its Q1 2025 10-Q report, detailing financial activities up to March 31, 2025. The company reported interest expense of $49,119 for the three-month period related to a promissory note to Lafayette State Bank, which had a face value of $2,947,632 and was paid in full on February 11, 2025. Another promissory note to former VidaCann shareholders had a face value of $5,000,000.
Why It Matters
This filing provides insight into Planet 13's debt obligations and acquisition-related financing, impacting its financial health and investor confidence.
Risk Assessment
Risk Level: medium — The company has significant outstanding debt obligations and ongoing interest expenses, which can impact profitability and financial stability.
Key Numbers
- $2.95M — Lafayette State Bank Note Face Value (This note was paid in full on February 11, 2025.)
- $49.1K — Q1 2025 Interest Expense (Related to the Lafayette State Bank note.)
- $5.0M — VidaCann Shareholders Note Face Value (This note's fair value was determined at acquisition.)
Key Players & Entities
- Planet 13 Holdings Inc. (company) — Filer of the 10-Q report
- $2,947,632 (dollar_amount) — Face value of promissory note to Lafayette State Bank
- $2,862,159 (dollar_amount) — Fair value of promissory note to Lafayette State Bank at acquisition
- $49,119 (dollar_amount) — Total interest expense for the three-month period ended March 31, 2025
- February 11, 2025 (date) — Date the Lafayette State Bank note was paid in full
- $5,000,000 (dollar_amount) — Face value of promissory note to former VidaCann shareholders
- $4,632,129 (dollar_amount) — Fair value of promissory note to former VidaCann shareholders at acquisition
- May 9, 2024 (date) — Acquisition date for fair value determination of notes
FAQ
What was the total interest expense related to the Lafayette State Bank promissory note for the three months ended March 31, 2025?
The total interest expense, including paid interest and amortization of the note discount, for the three-month period ended March 31, 2025, was $49,119.
When was the promissory note to Lafayette State Bank paid in full?
The promissory note to Lafayette State Bank was paid in full on February 11, 2025.
What was the fair value of the promissory note to Lafayette State Bank at the acquisition date?
The fair value of the promissory note to Lafayette State Bank at the May 9, 2024 acquisition date was determined to be $2,862,159.
What is the face value of the promissory note to former VidaCann shareholders?
The promissory note to former VidaCann shareholders has a face value of $5,000,000.
What was the fair value of the promissory note to former VidaCann shareholders at the acquisition date?
The fair value of the promissory note to former VidaCann shareholders at the May 9, 2024 acquisition date was determined to be $4,632,129.
Filing Details
This Form 10-Q (Form 10-Q) was filed with the SEC on May 14, 2025 regarding Planet 13 Holdings Inc. (PLNH).