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Notes Payable
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Notes Payable

5. Notes Payable

On June 6, 2017, the Company’s subsidiary, M&I Brazil, entered into a Loan Agreement with the former chairman of AETI. The Loan Agreement provides the Company with a $0.30 million loan facility of which $0.20 million is drawn and is outstanding as of March 31, 2019.  All outstanding amounts, including accrued but unpaid interested, are due at maturity in June 2019. Under the loan agreement, the interest rate on the loan facility is 10.0%, per annum, payable each quarter. The loan facility is secured by the assets held by M&I Brazil.

During the three months ended March 31, 2019, Brazil financed project expenditures with short-term financing of approximately $0.2 million in from Santander bank. The loan is due March 2020, with an interest rate of 11.88%.