Debt (Tables)

6 Months Ended

Jun. 30, 2020

Material terms and conditions of outstanding debt

The current material terms and conditions of debt outstanding are as follows:


Original loan amount	Interest rate	Monthly repayment	Maturity date	June 30, 2020		December 31, 2019
ACOA AIF grant (C$2,871,919)	0%	Royalties	-	$	2,105,117	$	2,206,208
ACOA term loan (C$337,000)	0%	$3,120	June 2026	169,264		184,583
ACOA term loan (C$500,000)	0%	$4,630	November 2028	356,319		384,100
Kubota Canada Ltd. (C$95,961)	0%	$1,142	January 2025	46,056		53,533
Finance PEI term loan (C$2,717,093)	4%	$16,313	November 2023	1,886,560		1,766,783
Total debt				$	4,563,316	$	4,595,207
less: current portion				(140,288)		(163,155)
Long-term debt				$	4,423,028	$	4,432,052

Estimated principal payments on loan debt

Estimated principal payments remaining on loan debt are as follows:


Year	AIF		ACOA		FPEI		Kubota		Total
2020	$	—	$	17,042	$	39,118	$	5,024	$	61,184
2021	—		68,169		80,622		10,048		158,839
2022	—		68,169		83,907		10,048		162,124
2023	—		68,169		1,682,913		10,048		1,761,130
2024	—		68,169		—		10,048		78,217
Thereafter	2,105,117		235,865		—		840		2,341,822
Total	$	2,105,117	$	525,583	$	1,886,560	$	46,056	$	4,563,316

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details