Long-term debt

3 Months Ended

Mar. 31, 2019

Long-term debt [Text Block]

8.	Long-term Debt
	The components of the Company’s debt are as follows:

	March 31, 2019	December 31, 2018
	$	$
Term loan facility	1,400	1,502
Secured loan	312	330
Total debt	1,712	1,832
Less: current portion	725	692
Total long-term debt	987	1,140

The Company’s term loan facility consists of a total of CAD$4 million ($3.09 million) bearing interest at the Bank’s prime lending rate plus 2.50%, with monthly principal repayments of CAD$62 thousand ($46 thousand). The term loan is subject to the same security and financial covenants as the bank indebtedness (see note 7).

The secured loan has a principal balance authorized of CAD$1 million ($748 thousand) bearing interest at prime plus 7.3%, reimbursable in monthly principal payments of CAD$17 thousand ($13 thousand) from January 2017 to March 2021. The loan is secured by a second ranking on all present and future property of the Company. The terms of the banking agreement require the Company to comply with certain debt service coverage and debt to net worth financial covenants on an annual basis at the end of the Company’s fiscal year.

Principal repayments due in each of the next three years are as follows:

2019	548 (CAD 733)
2020	707 (CAD 945)
2021	457 (CAD 610)