Loan Payable

3 Months Ended

Mar. 31, 2019

Loan Payable

As at March 31, 2019 and December 31, 2018, equipment financing balances are as follows:

	March 31, 2019			December 31, 2018
Balance, beginning of the period	$	12,200		$	17,243
Additions		-			3,751
Principal repayments		(2,009	)		(8,156
Down payments and taxes		-			(638	)
Balance, end of the period	$	10,191		$	12,200

Current portion	$	5,381		$	6,578
Non-current portion	$	4,810		$	5,622

The terms of the equipment financing agreements are as follows:

	March 31, 2019		December 31, 2018
Total acquisition costs	$	39,443	$	39,443
Interest rates		0.00% ~ 4.50%		0.00% ~ 4.50%
Monthly payments	$	5 ~ 74	$	5 ~ 74
Average remaining life (years)		1.27		1.27

For the three months ended March 31, 2019, the Company made total down payments of $nil (December 31, 2018

–

$638). The down payments consisted of the sales tax on the assets and a 10% payment of the pre-tax purchase price. All of the loan agreements are for a term of four years, except two which are for three years, and are secured by the underlying asset.

The following table outlines the principal payments to be made for each of the remaining years:

Years	Principal Payments
2019	$	4,220
2020		3,204
2021		2,184
2022		583
Total	$	10,191