Note 11 - Loans - Property and Equipment

9 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Loan Commitments [Text Block]

NOTE 11. LOANS - PROPERTY AND EQUIPMENT

As of March 31, 2022, Brigadier had an outstanding principal balance of $380,414 due to Bank of Montreal related to the purchase of its Saskatoon office land and building. The Condensed Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021 reflect the amount of the principal balance, as of March 31, 2022, which is due within twelve months as a current liability of $15,438 and a long-term liability of $364,976. Interest expense on the mortgage loan for the three months ended March 31, 2022 and March 31, 2021 was $3,865 and $4,001, respectively. Interest expense on the mortgage loan for the nine months ended March 31, 2022 and March 31, 2021 was $11,884 and $11,981 respectively. Also included as of March 31, 2022, are the short and long-term finance lease liabilities related to our subsidiary Gourmet  Foods of $20,459 and $126,444, respectively. There were no finance lease liabilities as of June 30, 2021 (refer to Note 15, Lease Commitments).