Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt [Text Block]

14. Long-Term Debt

		Credit			Credit			Credit			Corporate			2019			2018
		Facility			Facility			Facility			Term			Total			Total
											Loan
		(a)			(b)			(c)			(d)
Long-Term Debt	$	772,252		$	431,875		$	37,562		$	2,617,712		$	3,859,401		$	3,727,778
Current portion		(772,252	)		(431,875	)		(37,562	)		(2,617,712	)		(3,859,401	)		(3,727,778	)
Long-term Debt	$	—		$	—		$	—		$	—		$	—		$	—

The presentation above is based on the due on demand terms of the long-term debt. On December 31, 2019, the amounts owing to PACE were in default.  On March 31, 2020, PACE and the Company reached an agreement for the repayment of the outstanding amounts owing to PACE. The credit facility noted as (c) above, will be repaid immediately and the remaining credit facilities and corporate term loan will be repaid on or before September 30, 2020.  Refer also to note 24(b) and 24(g), subsequent events.

(a)	The credit facility bears interest at the PACE base rate of 7.00% plus 1.25% per annum, currently 8.25%. The credit facility is due on demand, but until a demand is made, is payable in monthly blended installments of principal and interest of $6,747 ($8,764 CAD), and matures on September 2, 2022. The first and only advance on the credit facility on February 2, 2017, in the amount of $1,231,840 ($1,600,000 CAD), is secured by a business loan general security agreement, a $1,231,840 ($1,600,000 CAD) personal guarantee from the President and a charge against the Company's premises lease. Also pledged as security are the shares of the wholly-owned subsidiaries, a pledge of 3,300,000 of the Company's shares held by LFGC, 500,000 of the Company's shares held by the CFO, 2,000,000 of the Company's shares held by a director's company and a limited recourse guarantee by each of these parties. The credit facility is fully open for prepayment at any time without notice or bonus.
(b)	The credit facility advanced on June 15, 2017, in the amount of $461,940 ($600,000 CAD), bears interest at the PACE base rate of 7.00% plus 1.25% per annum, currently 8.25%. The credit facility is due on demand, but until a demand is made, is payable in monthly blended installments of principal and interest of $3,773 ($4,901 CAD), and matures on September 2, 2022. The credit facility is secured by a variable rate business loan agreement on the same terms, conditions and security as noted above.
(c)	The credit facility advanced on August 4, 2017, in the amount of $38,495 ($50,000 CAD), bears interest at the PACE base rate of 7.00% plus 1.25% per annum, currently 8.25%. The credit facility is due on demand, but until a demand is made, is payable in monthly blended installments of principal and interest of $329 ($427 CAD), and matures on September 4, 2022. The credit facility is secured by a variable rate business loan agreement on the same terms, conditions and security as noted above.
(d)	The corporate term loan advanced on September 13, 2017, in the amount of $2,867,221 ($3,724,147 CAD), bears interest at the PACE base rate of 7.00% plus 1.25% per annum, currently 8.25%. The corporate term loan is due on demand, but until a demand is made, is payable in monthly blended installments of principal and interest of $22,874 ($29,711 CAD), and matures on September 13, 2022. The corporate term loan is secured by a business loan general security agreement representing a floating charge over the assets and undertakings of the Company, a first priority charge under a registered debenture and a lien registered under the Personal Property Security Act in the amount of $3,080,353 ($4,000,978 CAD) against the assets including inventory, accounts receivable and equipment. The corporate term loan also included an assignment of existing contracts included under the APA.
	The shares of the wholly-owned subsidiaries and those shares held by the companies and the CFO noted under (a) above, also represent security for the corporate term loan. The shares pledged as security, in total 5,800,000, were returned to the Company's Canadian counsel, after execution of the agreement reached between PACE and the Company on March 31, 2020.
	For the year, $313,182 ($415,525 CAD) (2018-$321,552; $416,464 CAD) in interest expense was incurred.  And, as at December 31, 2019 $124,926 ($162,263 CAD) (2018-$18,134; $24,740 CAD) of accrued interest is included in accrued liabilities in the consolidated balance sheets.